1. Line baking sheet with parchment paper. Bring all ingredients to boil in medium saucepan over medium heat. Cook, stirring constantly, until water evaporates and sugar appears dry, opaque, and somewhat crystallized and evenly coats peanuts, about 5 minutes.

2. Reduce heat to low and continue to stir peanuts until sugar turns amber color, about 2 minutes longer. Transfer peanuts to prepared sheet and spread in even layer. Let cool completely, about 10 minutes.

Makes about 1/2 cup