- Lay a large piece of waxed paper on a dishtowel on a counter.
- In a heavy saucepan, combine the sugar, peanuts, corn syrup and water. Stirring constantly over medium heat, cook the mixture to the high end of the soft ball stage, 235°F.
- Remove the pan from the heat, and stir in the remaining ingredients, adding enough food coloring to get a vibrant red shade. Stir the mixture frequently for approximately 20 minutes, or until it cools to about 125°F. The mixture will become very thick and creamy opaque, and the peanuts will be suspended.
- Immediately spoon out the mixture in patties, the larger the better. Let the patties sit for at least 1 hour before eating them. Their texture should be chewy like nougat rather than creamy like praline. Wrap them individually for storage. They'll keep a week.
Ready in: 3 Hrs