Spray 2 standard muffin tins (24 muffin cups) with cooking spray and set aside.
Combine sugar, peanuts, water, corn syrup and food coloring (if using) in a 2 quart saucepan and bring to a boil over medium heat. Cook for 6 minutes the remove from heat.
Add salt, vanilla and butter (do not stir.) Let sit for 5 minutes. The stir slowly until the mixture looks chalky.
Use a tablespoon or medium cookie scoop to quickly drop the mixture into each of the prepared muffin tins. (Alternately, you can skip the muffin tins and drop onto wax paper for a more freeform patty.)
Allow the patties to cool and set, about 30 minutes or so (it may take longer depending on temperature and humidity – you will know they are ready when they feel firm to the touch, versus sticky and soft.) If you used muffin tins, carefully turn them over onto wax paper or a kitchen towel and gently tap to release them.
Store in an airtight container for up to a week. Do not store in an open container as they can absorb moisture in the air and that can alter the texture.