Spray a 9 x 5 loaf pan with nonstick spray. Set aside.
In a bowl whisk together all purpose flour, baking powder and salt. Set aside.
In the steel bowl of you stand mixer fitted with paddle attachment or using your stand mixer, beat together vegetable oil and peanut butter till smooth.
Add the sugar and mix till well combined.
Add the eggs, vanilla extract and mix.
Start adding the flour mix and milk in parts starting and ending with flour.
Fold in the sweetened coconut flakes.
Transfer batter to the prepared loaf pan.
Bake at 350 F degrees for 45 minutes or till a toothpick inserted in the center comes out clean [cover the pan with aluminium foil after 25 minutes to prevent excessive browning].
Let the bread cool in the pan for 10 minutes and then remove from pan and transfer it on to a wire rack to cool completely.
Make the glaze
To make the glaze whisk together powdered sugar, peppermint extract and milk till completely smooth.
Break some candy canes by putting them in a ziplock bag and then giving a good smack with your rolling pin.
Drizzle glaze over the cooled bread.
Sprinkle all over with crushed candy canes immediately.