Make the marinade by combining all of the ingredients in a small bowl.
Cut the chicken into bite-size chunks, then stir it into the marinade, cover, and chill for 1 hour. Stir the chicken a couple times as it marinates.
After 1 hour, pour the marinated chicken into a wire mesh strainer over a bowl. When all the liquid has strained off the chicken, dump the chicken into a medium bowl and sprinkle with the cornstarch while tossing to coat each piece evenly. Save the sauce in the bowl.
Heat 4 to 6 cups of oil in a large saucepan or wok over medium heat. When the oil begins to shimmer (around 300 degrees F), drop the chicken into the oil and cook for about 2 minutes, or until the chicken begins to brown. Remove the chicken to a plate , then preheat a large saute pan over medium heat. If using a wok, rinse the wok and preheat it over medium heat.
When your pan or wok is hot, add the strained sauce, peanuts, dried chilies, garlic, and chili flakes. When the sauce begins to boil, add the chicken and cook for 1 minute, stirring often. Add the green onions and cook for 1 more minute, or until the sauce has thickened and the chicken has darkened. Pour out onto a serving plate and serve with white or brown rice.