Place 1/4 cup chicken broth in a large saucepan and bring to a boil.
Add onion and crushed red pepper. Cook 5 minutes or until tender.
Add remaining 2 3/4 cups broth, squash, salt, and water; bring to a boil.
Cover and reduce heat.
Simmer for 20 minutes.
Add rice; cover and simmer 20 minutes or until squash and rice are tender.
Place peanut butter and half of soup in a blender; cover and process until smooth.
Pour puree into a bowl.
Repeat with remaining soup, and add to bowl, stirring well.