Heat olive oil in a saucepan over medium heat. Add garlic; cook and stir until fragrant, about 2 minutes.
Mix water, peanut butter, brown sugar, corn flour, and soy sauce together in a small saucepan until well blended and without any lumps. Bring to a boil; stir until mixture is thick, 6 to 10 minutes. Add the cooked garlic and mix well.