This looks to be a good idea for Christmas gifts: Gourmet Peanut Butter. Cranberry Cinnamon Peanut Butter, anyone?

Handmade foodstuff makes great gifts -- cheap, disposable, and most people really like it. A friend and I made mustards for Christmas a couple of years ago, and I was suprised at how easy they were and how much people liked them.
Other ideas in this category include beef jerky, sugared nuts, baked goods, homebrew beer, cider or mead, and flavored liquors. I tend to pick something that is a "trendy" food and design a homemade label to go with it. Including the recipe drives home the "homemade" point.

Here's some peanut butter recipes to get you started:
Chocolate Peanut Butter

Homemade Peanut Butter Recipes