1 c. sugar
1/2 c. firmly packed brown sugar
1/2 c. whipping cream
1/3 c. light corn syrup
1/3 c. butter
1 tsp. vanilla
20 oz. pkg. Buy-n-save sugar frosted flakes cereal
1 c. semi sweet chocolate chips
2 c. dry roasted peanuts

In 2 quarts saucepan stir together all ingredients EXCEPT cereal, peanuts and chocolate chips. Cook over medium heat, stirring occasionally, until mixture comes to a full boil (8 to 10 minutes). Continue cooking, stirring occasionally, until a small amount of mixture dropped into ice water forms a small ball or candy thermometer reaches 230 degrees (4 to 6 minutes). In 4 quart bowl, pour caramel over frosted flakes cereal. Stir to coat; stir in peanuts. Cool completely; stir in chocolate chips. Store in a tightly covered container. Yield 12 cups.