Heat a large pot over medium-high heat; add the popcorn kernels and peanut oil. When the oil starts to sizzle, sprinkle the sugar over the kernels. Cover with a tight-fitting lid and shake the pot until the popping slows down, about 8 minutes. Remove from the heat and set aside to cool. Spray a large bowl with cooking spray and add the popcorn, candy corn and peanuts.
Combine the marshmallows and butter in a large pot over medium-high heat. Cook, stirring, until melted and smooth, about 5 minutes.
Pour the melted marshmallow mixture over the popcorn mixture and gently toss to coat.
Coat your hands with cooking spray, then shape the popcorn into 3-inch balls. Let cool.
Photograph by Coral Von Zumwalt
Recipes from "The Pioneer Woman Cooks: A Year of Holidays: 140 Step-by-Step Recipes for Simple, Scrumptious Celebrations" (c) Copyright 2013 by Ree Drummond. By arrangement with William Morrow Cookbooks.