In a large pan on medium heat, add the peanuts, butter, jelly and a few grinds of black pepper. Cook, tossing and stirring to coat, until the peanuts are coated and warm throughout, 8 to 10 minutes. Turn off the heat and add the cereal and pretzels to the pan. Toss and transfer the mixture to a parchment-lined baking sheet or the counter. Sprinkle over the peanut candies and let cool. Toss again when cool and serve at room temperature.
Recipe courtesy of Sunny Anderson