Parental supervision needed.
Grease a large cookie sheet and set aside. Wash and dry apples. Insert a stick through stem, leaving about two inches sticking out. In saucepan over medium heat, combine sugar, corn syrup, food coloring and water. Cook, stirring constantly, until ingredients are dissolved and liquid boils.
Set a candy thermometer in mixture and continue cooking, without stirring until temperature reaches 290 degrees, about 20 minutes. Meanwhile place shopped peanuts in a bowl. Remove syrup from heat and dip the apples, one by one, to coat evenly. Work quickly.
Optional, as you dip each apple roll in peanuts to coat then place on prepared cookie sheet. Let apples cool for at least an hour.