These are quite spicy and great served on race day with a couple of cold beers. If you prefer a somewhat tamer flavor use chili powder instead of cayenne pepper. Either way they are a spicy addition to any race or game day!
On medium heat, heat the oil in a skillet. Once heated stir in the cayenne pepper. Now add peanuts and stir. Continue stirring non stop for about 2 to 3 minutes. Make sure they are all coated and heated. Remove from heat.
You can serve these after completely cooled or when they are still warm.