In a saucepan over medium-low heat, combine the sugar, corn syrup, evaporated milk, and peanuts. Bring to a slow boil, and stir to blend once heated. Let boil until the mixture reaches a temperature of between 234 and 240 degrees F (112 to 116 degrees C), or until a small amount of syrup dropped into cold water forms a soft ball that flattens when removed from the water and placed on a flat surface. This may take up to 1 hour.

Stir in the butter, vanilla and food coloring once the mixture has reached the proper temperature. Spoon out onto waxed paper or parchment paper to form patties. Cool until set.