Butter Crunch Clusters

1/2 cup butter or margarine
2/3 cup packed brown sugar
1 tablespoon corn syrup
2 cups Cheerios cereal
1 cup salted cocktail peanuts or Spanish peanuts
Heat butter in 3-quart saucepan over low heat until melted.
Stir in brown sugar and corn syrup. Heat to boiling over medium heat, stirring constantly. Boil and stir 1 minute; remove from heat.
Stir in cereal and peanuts until well coated. Drop mixture by tablespoonfuls onto waxed paper; cool.