Caramelized peanuts are very popular with everyone. This is an easy confection to make and only requires 3 ingredients: water, sugar and peanuts with the skin. we will make a sugar syrup in which we will let the peanuts cook until the syrup has completely evaporated, which will then crystallize and coat the peanuts. it is the red color of their skin which will color the syrup and give this pretty pink.