2 cups raw or canned peanuts
1 cup white granulated sugar
1/2 cup water

Combine all ingredients in a heavy bottomed saucepan. Boil until all water is removed, stirring often and watching carefully to avoid burning.

Transfer to a buttered cookie sheet, spreading out the nuts evenly with as much space as possible between them.

Bake in a preheated 325°F oven for about 45-50 minutes, or until done.