Place the peanuts, salt and honey into the bowl of a food processor. Process for 1 minute. Scrape down the sides of the bowl. Place the lid back on and continue to process while slowly drizzling in the oil and process until the mixture is smooth, 1 1/2 to 2 minutes. Place the peanut butter in an airtight container and store in the refrigerator for up to 2 months.
Preheat the oven to 350 degrees F.
Rinse the peanuts under cool water to remove excess dirt. Pat dry and place in a large bowl and toss with the peanut oil and salt until well coated.
Place on 2 half sheet pans, making sure to spread them out into a single layer. Roast in the oven for 30 to 35 minutes, rotating the pans halfway through cooking. Once you remove the peanuts from the oven, let them cool slightly before eating. They will continue to "cook" and become crunchy as they cool.
If using peanuts to make peanut butter, remove shells and discard. Remove the skin by rubbing the peanuts together in your hands held over a salad spinner, allowing the peanuts and skins to fall into the bowl. Once the skin has been loosened from all of the peanuts close the salad spinner and spin until all of the skin has been separated from the peanuts.
If eating peanuts roasted right out of the shell, use Virginia or Valencia peanuts. If utilizing roasted peanuts to make peanut butter, use Spanish peanuts as they have a higher oil content.
Recipe courtesy of Alton Brown, 2007