I have always used regular popcorn and pooped it the old fashion way, but I am sure you can use microwave or air-popped.
1. Preheat oven to 300 degrees.
2. In a double-boiler,add water to the bottom and add the heavy cream and butter to the top, and allow it to slowly warm up and the butter melts. Add the caramel bits and let it melt.
3. If you going to pop the popcorn the old fashion way, heat a large heavy pan and add 2 Tablespoons of butter and 1 Tablespoon of olive oil. When the butter is melted, add 1 cup of popcorn. Put the lid on and shake the pot until it has stopped popping.
Pour the Popped corn into a large roasting pan; add the peanuts.
4. Pour the melted caramel over the popcorn and mix well.
5. Bake in oven for 1 hour, stirring every 15 minutes.
6. When cool, break up clumps and store in airtight containers.
Note: You can substitute heavy cream with water; and if you want to make it very delicious, you can melt chocolate in with the caramel. For an adult version, add Bailey's Irish Caramel instead of heavy cream. Now this is very good.
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