For years I've taken this snack to our church retreat in two containers—one for each night—so it doesn't all disappear the first night. Other church members tell us that if we can't attend, we should just send the caramel corn. —Nancy Breen, Canastota, New York
Preheat oven to 250°. Divide popcorn between 2 large bowls. Add 1/2 pound peanuts to each bowl. In a Dutch oven, combine remaining ingredients. Bring to a boil over medium heat; cook and stir 5 minutes.
Pour half the syrup over each bowl of popcorn and stir to coat. Transfer to large roasting or 15x10x1-in. baking pans. Bake 1 hour, stirring every 15 minutes.
Remove from oven and break apart while warm. Cool completely. Store in airtight containers.