For the caramel sauce: Preheat the oven to 350 degrees F.
Line a 10-inch springform pan with parchment paper and set aside.
Add the sugar to a heavy-bottomed saute pan over medium heat and let the sugar melt without stirring. Continue to cook until the sugar turns a deep brown color around the edges, but is still clear in some places, 3 to 4 minutes, then turn off. Stir, making sure all the sugar has melted. Slowly pour in the cream, stirring the entire time, and being careful because the sugar is very hot and will probably splatter. If the caramel sauce seizes up, just return it to the heat and stir until all the lumps dissolve. Stir in the salt and set aside to cool.
For the crust: Add the pretzels and graham crackers to a food processor and pulse until ground. Drizzle in the melter butter and pulse to evenly coat. Transfer the pretzel mixture to a bowl and pour in 1/2 cup caramel sauce. Stir to combine and press into the bottom and 1 1/2 inches up the sides of the prepared springform pan. Bake for 10 to 12 minutes. Set aside to cool.
For the filling: Whip the sugar and cream cheese in a stand mixer fitted with the paddle attachment until evenly combined. Add the cream and continue to whip until smooth and light. Add the peanut butter and mix until the filling is creamy and well combined. Add the filling evenly to the cooled crust.
For the garnish: Whip the heavy cream and sugar in a stand mixer fitted with the whisk attachment until light and fluffy and the cream holds the shape of the whisk. Spoon it evenly over the filling. Refrigerate for 45 to 60 minutes or until ready to serve. Drizzle with the remaining caramel sauce and sprinkle peanuts on top just before serving.
This recipe has been updated and may differ from what was originally published or broadcast.