Place chicken in a 4-qt. slow cooker. In a small bowl, combine the onion, water, peanut butter, chili sauce, salt, cayenne and pepper; pour over chicken. Cover and cook on low for 4-6 hours or until chicken is no longer pink.
Shred meat with two forks and return to slow cooker; heat through. Serve with rice. Sprinkle with peanuts and red pepper.
To make ahead, cut up fresh chicken, put in a bag with the remaining slow-cooker ingredients and freeze. Thaw and continue preparing as written.
(a.k.a. Indonesian Peanut Chicken)