Preheat oven to 350. Put all ingredients in a large saucepan. Bring to a boil. Boil until all liquid is gone. (Stir occasionally at first then constantly). Remove from heat. Spread over geased jelly roll pan. Put in preheated oven for 15 minutes. Stir peanuts and bake another 15 minutes. Cool. Store in glass container. Makes 2 cups.