Prepare the Bananas: If using fresh bananas, peel and slice them. If using frozen bananas, measure them out directly.
Add Ingredients to the Blender: In a blender, combine bananas, peanut butter, rolled oats, cacao powder, honey, and milk.
Blend the Smoothie: Blend on high until smooth and creamy. If using fresh bananas, add ice cubes for a colder, thicker texture, and blend again until the desired consistency is achieved.
Adjust Sweetness: Taste the smoothie and add more honey if desired. Blend briefly to incorporate.
Serve: Pour the smoothie into two glasses and serve immediately.