Line a sheet pan with parchment paper.
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Place the sugar and water in a medium pot and stir. Add the corn syrup. Let it come to a gentle boil, stirring occasionally.
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When it hits 250°F, add the peanuts and stir until it reaches 300°F.
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Remove the pot from the heat. Add the butter, baking soda, and vanilla, then stir. Watch as the mixture starts to foam and change consistency.
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