Bacon Pancake Strips with Maple-Peanut Butter Sauce

8 slices bacon
1/2 cup maple syrup
1/3 cup peanut butter
1 teaspoon vanilla extract
1 cup all-purpose flour
1 1/2 teaspoons baking powder
1 1/2 teaspoons white sugar
1/2 teaspoon salt
1 cup buttermilk
1 egg
1 tablespoon olive oil
1 tablespoon melted butter, or as needed

Preheat oven to 425. Line a baking sheet with aluminum foil.
Arrange bacon slices on the prepared baking sheet.
Bake in the preheated oven until browned and crisp, about 15 minutes; drain on a paper towel-lined plate.
Combine maple syrup, peanut butter, and vanilla extract in a small saucepan over medium-high heat; cook and stir until sauce is smooth and heated through, about 5 minutes. Reduce heat to low and keep sauce warm.
Whisk flour, baking powder, sugar, and salt together in a large bowl. Whisk buttermilk, egg, and olive oil together in a separate bowl; slowly pour into flour mixture and whisk until batter is smooth.
Heat a griddle or flat skillet over medium heat; spread melted butter on surface to coat. Arrange bacon slices about 2 inches apart on the hot griddle, working in batches if needed.
Slowly pour batter over each bacon strip; cook until bubbles start to form on top and edges are dry, 2 to 3 minutes. Flip pancakes and cook until other side is golden brown, 3 to 4 minutes. Serve with warm maple-peanut butter sauce.