In a medium size saucepan, heat water, sugar and corn syrup to 240 degrees F.
Once the mixture has reached 240, slowly add butter, being careful to not stop the cooking process or have the mixture splatter out and burn you.
Continue to let the mixture cook until it reaches the desired color. (Lighter honey color will give you more butter notes, a darker caramel color will give you a richer caramel flavor).
Once you've reached the desired color, turn heat off and stir in the baking soda, salt and peanuts.
Pour out immediately on a foil lined pan or a silpat and spread out.
Let cool completely then break into smaller pieces. Store in an airtight container.