Place peanuts in a blender or food processor. Pulse a few times to grind to a medium-fine powder, scraping down the sides as needed.
Trim the bottom 2 inches of stem off the cilantro and discard; coarsely chop the rest and add to the blender (or food processor) along with water, serrano to taste, ginger, lime juice, salt and sugar. Blend or process, scraping down the sides as needed, until it’s the consistency of a thin sauce, adding more water by the tablespoon as needed.
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