For OREO Butter: Cream butter in bowl of mixer fitted with paddle attachment on medium speed until light and fluffy. Mix in OREO Pieces on low speed until combined. Store at room temperature until ready to use.
For Pancake: Preheat a 10-inch skillet in 400°F standard oven for 10 min.
Meanwhile, combine all Pancake ingredients, except OREO Pieces, oil and powdered sugar, in blender container. Blend on high speed 30 seconds. Stir in OREO Pieces. Carefully remove hot skillet from oven. Pour in oil and swirl over bottom of pan to coat evenly. Pour in pancake batter.
Bake 23 to 25 min. or until center is very puffy and pancake is brown on edges. Remove from oven. Slide pancake onto serving platter and sprinkle with powdered sugar. Cut into 4 wedges. Serve each wedge with 2 oz. OREO Butter.