Preheat oven to 200 degrees F.
Line a jelly roll pan with aluminum foil. Spray foil with cooking spray and place pan in warm oven. Spray a heavy small saucepan with cooking spray. Add caramels and stir over low heat until melted. Stir in toffee peanuts and continue stirring for a couple minutes. Spray a dull knife or metal off-set spatula with cooking spray. Remove pan from oven and then quickly spread caramel-peanut mixture over prepared pan. Cool completely; cover pan with plastic and refrigerate for 30 minutes. Break into bite-size pieces. Store in refrigerator.
Recipe courtesy of ?Sandra Lee Semi-Homemade Desserts,? Miramax Books, 2003