In a large heavy pot (5-6 quarts size), heat the oil and ½ teaspoon salt over medium-high heat. Add 1 to 2 kernels and cover pot. When the kernels pop, immediately insert the ¼ cup of kernels and cover pot.
Gently shake the pot, sliding it over the burner until the popping slows to a few seconds between pops. This should take around 4 to 5 minutes. Listen for the popping to stop. Turn off the heat and pour popcorn on a sheet pan to cool.
In a medium-sized bowl, add 3 cups of the cooled popcorn. Sprinkle cinnamon over the popcorn. Toss until evenly coated.
Caramel Coating
Lightly spray a sheet pan with baking spray. Grease the bottom of a spatula with the baking spray.
In a large saucepan, combine sugar with two tablespoons of water. Cook over medium heat, occasionally stirring until the sugar is dissolved and the liquid is clear. Use a heat stable on-metallic spoon for stirring.
Add the peanuts and pinch of salt. Increase heat to high and cook, constantly stirring, until the sugar begins to turn amber at the edges. About 2 to 3 minutes. The sugar will look granular but will melt into caramel with time.
Continue cooking and stirring to even out the color for another 4 to 6 minutes, until the caramel is liquid and medium amber in color. Be careful as the caramel can burn if cooked too long.
Turn off heat and remove the pan from the stove. Add the butter, and quickly stir.
Immediately add 3 cups of popcorn and stir until evenly coated with the caramel.
Carefully and quickly pour the caramel popcorn mixture onto the greased sheet pan. Using the greased spatula, spread into a thin layer. Do not touch the caramel popcorn because it is extremely sticky and hot.
Cool at room temperature for 1 hour or until the mixture completely cools and hardens.
Break the caramel popcorn into small clusters and store in an airtight container for up to 5 days.
Notes
Recipe Adapted from: “Baking Out Loud” by Hedy Goldstein