Put 1/2 stick (4 Tbsp.) butter, 28 caramels, and 2 Tbsp. of milk in large saucepan.
Stir over low heat until melted and smooth. Add 3 1/2 cups of cornflakes and 1 cup of cocktail peanuts. Stir to coat. Drop rounded tablespoonfuls onto an oiled baking sheet. Cool, then store tightly covered.
Makes about 24.
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