Combine oats, sugar and butter, mixing until crumbly.
Place in a shallow baking pan.
Heat in preheated 350 oven about 10 minutes, stirring occasionally.
Cool 15 minutes, then toss lightly with a fork to form crumbs.
Stir in peanuts.
Store in covered jar in refrigerator.
Stir with fork before using.
Serve as a topping on sundaes, puddings and other desserts.
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