Step 1

Make the caramel: Melt the butter in a small saucepan over medium heat. Add the brown sugar and heavy cream and bring to a simmer, stirring. Reduce the heat to medium low and simmer gently until the sugar is dissolved and the caramel is bubbly, about 4 minutes. Remove from the heat and set aside to cool slightly, 15 to 20 minutes.

Step 2

When the caramel is warm (not hot), beat the cream cheese in a large bowl with a mixer on medium speed until smooth and fluffy, about 2 minutes. Beat in three-quarters of the caramel until incorporated. Spoon into a serving bowl.

Step 3

Microwave the remaining caramel until pourable, about 20 seconds, then pour over the dip. Sprinkle with the peanuts. Serve immediately with the sliced apples or refrigerate for up to 4 hours; let sit at room temperature 30 minutes before serving.