Place the beef in a bowl and sprinkle with salt and pepper. Shape the beef into 1" meatballs. Heat a large heavy skillet over medium-high heat and add oil. When hot, add garlic and cook for 1 minute then remove to a plate. Return pan to heat and add meatballs, browning on all sides. Remove meatballs to the plate. Pour off all but 2 teaspoons of grease from the pan. Add the garlic. In a small bowl, cream together the coconut milk and peanut butter; add to pan. Add the sugar and cook and stir until all is blended. Add the meatballs back to the pan and reduce heat to a simmer. Simmer for 2-3 minutes, or until the meatballs are hot again. Serve immediately.