In a large saucepan, melt the marshmallows, oil and butter; stir until smooth. In a large bowl, combine the popcorn, gumdrops and peanuts. Stir in marshmallow mixture; toss to coat. Press into a greased 10-in. tube pan. Cover and refrigerate for 5 hours or overnight.
Dip pan in hot water for 5-10 seconds to unmold. Slice cake with an electric or serrated knife.
Editor's Note: A two-piece tube pan is not recommended for this recipe.