2 c. sugar
1/2 c. white Karo syrup
1/2 c. canned milk
1/4 c. water
1/4 tsp. salt

Cook first 5 ingredients fast to soft boil stage, about 7 minutes. Add 2 cups peanuts and bring to hard boil. Remove from heat and add 3 drops red food coloring, 1 teaspoon vanilla and 1 cup powdered sugar.