1. Preheat oven to 250 degrees. Line two baking sheets with nonstick baking mats. Set aside.

2. Heat oil with 3 popcorn kernels in a large, heavy saucepan over medium heat. When kernels pop, add remaining 1/2 cup kernels. Cook, covered, shaking pan occasionally, until popping stops, 6 to 7 minutes. Remove pan from heat; let stand, covered, 1 minute.

3. Divide popcorn evenly between prepared baking sheets; set aside. In a medium saucepan heat sugar, butter, and corn syrup over medium heat until butter is melted, sugar is dissolved, and mixture is golden brown. Stir in salt and cayenne pepper; add peanuts and stir to coat. Pour mixture over popcorn. Spray a spatula with nonstick cooking spray and toss to combine.

4. Transfer baking sheets to oven and bake, stirring occasionally, for 30 minutes.