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1
Pour the oil into a large pot with a lid. Add the popcorn kernels and swirl around to make sure that each kernel is coated with oil. Add the lid to the pot and place it on the stove element that is heated to medium high heat. Slowly shake the pot back and forth over the element. Do not stop moving the pot or the popcorn may burn. After a minute or two, your popcorn will begin to pop. Keep the pot moving and resist the urge to open the lid. Once the popping sounds have slowed, immediately remove the pot from the stove. Carefully remove the lid, and transfer the popped corn to a large, greased roasting pan. Remove any un-popped kernels.
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2
Preheat the oven to 250 F.
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3
In a medium saucepan, over medium heat, melt the butter. Then add the brown sugar, corn syrup and salt. Bring to a boil, stirring constantly. Use a rubber spatula to scrape the sides of the pot, being careful not to leave any sugar crystals on the sides of the pot. You can also use a pastry brush dipped in water to run around the sides of the pot. This will help to make sure that no sugar crystals are left on the sides of the pot (*see note). Once it hits a boil, allow the mixture to boil without stirring for 5 minutes (or if you're using a candy thermometer, until it reaches the soft crack stage or 270 F). Remove pan from the heat and carefully stir in baking soda and vanilla. Mixture will foam and is extremely hot, so use caution.
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4
Pour sugar mixture in a stream over the popped corn in the roasting pan. Resist the urge to completely scrape the sides of the pot in case there are any sugar crystals along the edge (*see note). Try to simply pour out as much of the caramel as possible and then stop.
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5
Add peanuts and stir until all the popcorn is evenly coated. Bake for 1 hour, stirring every 15 minutes. Then remove pan from the oven, give it a final stir, and pour it out on a parchment lined counter top or parchment lined baking sheets. Let it cool.
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6
Store at room temperature in airtight containers or Ziploc bags. I store mine in clean ice cream pails.
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7
*Note: Ensuring that there are no sugar crystals left along the sides of the pot will help to make sure that your caramel does not crystallize while baking. All it takes is one rogue sugar crystal to grab hold of another, and then another, until your entire batch is crystallized and your caramel is grainy. It is also extremely important to wash and thoroughly dry your spatula and candy thermometer (if you're using one) between stirs or each time you remove it from the pan and want to use it again. This will also help from mixing one temperature/stage of sugar into a different temperature/stage of sugar which can cause crystallization. If your caramel popcorn does crystallize, eat it anyway because it still tastes good!
