2 tbsp. butter
1 c. powdered sugar
1 1/2 c. salted peanuts
1 tbsp. water
5 oz. marshmallows
1/4 tsp. vanilla
7 oz. caramels

Melt 1 tablespoon butter. Add marshmallows, stirring until melted. Beat in only enough powdered sugar to make mixture workable. Knead until smooth. Add vanilla and 1/2 cup peanuts. Knead, using remaining powdered sugar.

Shape into a 12-inch roll on a piece of plastic wrap. Place remaining peanuts on wax paper. Melt caramels with 1 tablespoon butter and 1 tablespoon water. Pour over peanuts. Spread with a knife dipped in hot water.

Place marshmallow roll in center of caramel. Carefully wrap caramel around marshmallow roll pressing peanuts into caramel. Refrigerate and cut when ready to serve.