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1
Place popcorn and oil in a large pot over high heat.
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2
Partially cover to allow steam to escape.
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3
When you hear first kernels popping, cover pot and shake back and forth occasionally.
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4
Keep over heat until all popping stops.
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5
Listen to popping; it will eventually slow down and when it completely stops, immediately pour popcorn into a large bowl.
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6
Whisk together honey, molasses, and peanut butter in a small saucepan until smooth.
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7
Stir in sugar; place over high heat and bring to a boil, swirling pan a few times to help mixture blend.
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8
Cook until mixture reaches 260 degrees F on a candy thermometer (if you drip a bit of mixture into a glass of cold water, it will form a hard ball).
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9
Remove from heat and immediately pour over popcorn.
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10
Quickly stir to thoroughly coat corn before syrup hardens too much; it should still be warm to touch.
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11
Scoop up a handful of coated popcorn (about 1/2 cup, but you can do this by eye) and compress into a ball about 2 inches across.
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12
Set on rack to cool.
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13
If desired, tie ribbon around each ball with center of ribbon on center bottom of ball, knot at the top (there will be two long ends), then knot ends together.
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14
You will have a large loop for slipping over tree boughs.
