Preheat oven to 300 degrees Fahrenheit and line a baking sheet with parchment paper or a silicone baking mat.
Heat water and peanut butter until warm and mix in a large bowl.
Add egg, honey and oil and mix until well blended. Measure out 1/2 cup of the mixture and set aside for later.
Add 3/4 cups of flour to the mixture and mix until a stiff dough forms and set aside.
To the 1/2 cup of peanut butter mixture mix in carob powder and cinnamon, then mix in remaining flour.
Roll carob mixture in into a rectangle shape 1/4 inch thick and set aside.
Roll the peanut butter mixture into a matching rectangle and lay the carob rectangle on top of it.
From the long end roll up the rectangles and slice dough into 1/2 inch slice.
Place on prepared baking sheet and bake for 25-30 minutes until lightly browned.
Cool and refrigerate.
Notes
Some have had issues with the dough being sticky, if you encounter this problem placing the rolled dough in the freezer for a couple of minutes should make it easier to cut.