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Elvis might (might) be dead, but he still receives top billing at the sunny Peanut Butter & Co. cafe. The Elvis (named for the King's personal favorite: peanut butter, honey and banana on grilled white bread) heads the cafe's menu of peanut butter hits. A classic PB&J made with peanut butter that owner Lee Zalben grinds fresh daily using additive-free peanuts, competes for your cholesterol cravings with the kind of andwiches that Mom never packed in your lunchbox, like spicy peanut butter with grilled chicken and pineapple jam. For dessert, Zalben serves peanut butter tiramisu, as well as Death by Peanut Butter, a daunting assemblage of two scoops of Cia Bella gelato on a bed of Peanut Butter Cap'n Crunch topped with whipped cream, peanut butter sauce and peanut butter chips. And what do you drink with all this? Milk, of course. Choose from whole, low-fat, skim, organic and soy varieties - even Lactaid. "The idea," says Zalben, who also stocks chocolate, chocolate malt, and strawberry syrups for the milk, "is that if you're longing for a piece of your childhood, but you're 40 years old and you can't digest milk anymore, we've got something for you." Peanut Butter & Co., 240 Sullivan St between Bleecker and W 3rd Sts (677-3995). -Victoria Spencer