Yes A small amount of natural molasses as a natural treat or sweetener is OK. Check to make sure it doesn't contain artificial sweeteners. Certain artificial sweeteners (such as Xylitol) can be deadly to dogs.

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What is Molasses? Molasses is a natural sweetener made from beet or cane sugar. Natural molasses is considered to be a good natural sweetener that has health benefits. Molasses contains Vitamin-B6, copper, iron, calcium, potassium, magnesium, manganese, and selenium. 

Blackstrap molasses is your best option. Blackstrap molasses isn't super sweet and is safe in small portions. Blackstrap molasses contains the same vitamins and minerals as molasses, but in a more concentrated form. Each boiling of the sugarcane is part of the refining process, in which different nutrients are left behind after each boiling.

Light molasses is created from the first boiling of sugarcane; it is lighter in color and is usually from a young sugar cane. This light molasses is sometimes treated with sulphur dioxide, which can act as a preservative. Dark molasses is the byproduct of the second boiling once more sugar is extracted; it is not as sweet and is best for cooking or baking. Dark in color and richer in nutrients, blackstrap molasses is produced from the third boiling.

According to some dog owners, their dogs didn't like blackstrap molasses. Try tasting it and you may understand why. It does not have a very appealing taste. But when added with other items (such as pumpkin) it has a natural sweetening effect. 

Ingredients:

4 Tbsp blackstap molasses                                   1/2 cup peanut butter
1 cup water                                                               6 Tbsp coconut Oil
1 1/2 cups old fashioned oats                               2 cups whole wheat flour
1 1/2 teaspoons brewer's yeast

Instructions:

1.) Preheat oven to 350.

2.)Whisk together the molasses, peanut butter, water, and coconut oil until incorporated (won't be totally smooth).

3.) Combine the oats, flour, and brewer's yeast. Slowly add to the wet ingredients, mixing until combined.

4.) Roll dough out to 1/2" thickness and using cookie cutters, press shapes into dough. Using spatula, transfer shapes onto cookie sheet and bake for 25-30 minutes or until firm. Cool on wire rack.

5.) Store treats in an airtight container for 2 weeks, or freeze and use as needed.