Salted Peanut Caramel

0 Line your 12 x 17 " sheet pan with parchment paper, leaving 3" of overhang on each of the short sides. Set aside.
1 In your heavy duty, thick bottomed pot, combine all ingredients except for cocktail peanuts.
2 Over medium heat, stirring constantly, heat until butter has melted and sugar has dissolved.  Continue heating and stirring over medium heat until liquid comes to a boil.
3 Increase heat to medium high.  Continue stirring the whole time.  Do not stop stirring.  It does not need to be vigorous, just constant.
4 Cook until final temperature reaches 240F.  Between 220F and 230F, you're going to wonder if the thermometer is broken.  It isn't. Keep going. Be careful from 230F- 240F, this is where the temperature increases QUICKLY and you don't want to overshoot. Turn off heat. Pour caramel into prepared baking sheet.
5 Cool uncovered for 30 minutes.  Cover with an additional sheet of parchment so no caramel is showing.  Allow caramel to set up for a minimum of 4 hours before layering it with nougat.