- 12 tablespoons (1 1/2 sticks) unsalted butter
- 4 cups mini-marshmallows
- 2 teaspoons vanilla extract
- 1/2 teaspoon salt
- 4 cups confectioners’ sugar, sifted
- 2 cups salted dry-roasted peanuts, chopped fine (see note)
- 1 (14-ounce) bag soft caramel candies
- 1 (14-ounce) can sweetened condensed milk
Heat 8 tablespoons butter, marshmallows, vanilla, and salt in large saucepan over medium heat, whisking until smooth, about 5 minutes. Stir in sugar and remove from heat.
When cool enough to handle, scrape mixture onto clean work surface and knead until shiny. Divide mixture into 8 pieces and roll each into 4-inch-long rope. Transfer ropes to parchment-lined plate and refrigerate until firm, about 15 minutes.
Place nuts in shallow dish. Heat caramels, condensed milk, and remaining butter in clean saucepan over medium heat, whisking until smooth, about 5 minutes. One at a time, dip chilled ropes into caramel mixture and roll in nuts, pressing to adhere. Return coated ropes to plate and refrigerate until firm, about 1 hour. Cut ropes into 1-inch pieces. Serve.