Preheat oven to 250~F. Combine the popcorn and peanuts in a metal bowl or on a cookie sheet and place in the preheated oven. Combine all of the remaining ingredients in a saucepan. Stirring over med. Heat, bring the mixture to a boil. Using a cooking thermometer, bring the mixture to the hard-ball stage (the point at which the syrup, when dripped into cold water, forms a hard but pliable ball). This will take about 20 to 25 minutes (or until you notice th emoxture turning dark brown). Remove the popcorn and peanuts from the oven and , working quickly, pour the caramel mixture in a fine stream over them. Then place them back in the oven for 15 minutes. Mix well every five minutes, so that all of the popcorn is coated. Cool and store in a covered container to preserve freshness.