1 (14 oz.) bag caramels
1/4 c. milk
1 c. salted Spanish peanuts
6 c. corn flakes
Red candied cherries, halved

Place caramels and milk in a double boiler top. Place over simmering water. Heat, stirring occasionally, until melted (about 25 minutes).

Gradually pour mixture over combined peanuts and corn flakes in a large bowl, tossing quickly until well coated. Drop by tablespoonfuls onto waxed paper. Top each with a candied cherry. Makes about 2 dozen.