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Preheat oven to 350 degrees.
Line a baking tray with aluminum foil or parchment paper and set aside.
In a medium mixing bowl, combine peanuts with salt and honey. Using a spoon, mix well so that all peanuts are evenly coated. Lay peanuts out evenly and in one layer over the baking tray. Roast for 15-20 minutes, or until well-browned and dark, but not burnt. Half-way though, toss peanuts using a spatula for even roasting. Remove from oven and allow to sit for 5 minutes.
Add peanuts to a food processor and turn on for 1 minute. Remove the lid and press the peanuts back down along the sides using a spatula. Replace the lid and turn food processor back on for an additional two minutes. Repeat with spatula if needed. The consistency of the peanuts will change, don't worry. Process until smooth, about 1-2 more minutes.
Adjust flavor as desired by adding more salt, honey or even a pinch of cinnamon.
Place in an air-tight container and refrigerate for up to 2 months.