Grease a large angel food pan with butter.
Pop enough corn to fill the pan.
Melt 1/4 pound butter and 1 pound of marshmallows together in a 4 quart saucepan. Stir in the popcorn and 2 cups small assorted gumdrops and 1 cup shelled peanuts. Mix well and pack in the angel food pan. Refrigerate one hour. Run a knife around the edge and invert pan on a large cake plate. Cut in slices with a sharp knife and serve. Cake may be decorated with small candy animals, chicks or any other small ornaments stuck on toothpicks. Very popular with children and teenagers.