Step 1

In a wide, heavy-duty skillet, mix the peanuts with the sugar and water. Cook the ingredients over moderate heat, stirring almost non-stop, until the sugary liquid begins to crystallize. (You'll think you made a mistake, but you didn't.) It will take a few minutes.

Step 2

Keep stirring until the sugar gets sandy and dry around the peanuts.

Step 3

Lower the heat and keep going, scraping up any syrup collecting in the bottom of the pan and stir the peanuts in it, coating them as much as possible. As you go, tilt the pan, removing it from the heat from time-to-time to regulate and control the heat and the syrup, so you can coat the nuts with the liquid as it darkens without burning the peanuts or the syrup. This is the only tricky part—I like to get the peanuts as deeply-bronzed as possible. If the mixture starts to smoke, simply remove it from the heat and stir further, coating the nuts.

Step 4

Right before they peanuts are done, sprinkle them with a flurry of flaky salt (and pinch of cinnamon or chili powder, if you want), stir them a couple of times, then tilt the peanuts out onto a baking sheet or a marble countertop.

Step 5

Let the peanuts cool completely, breaking up any clumps as they cool. Store in an airtight container. The peanuts will keep for up to a week.