Nirvana for peanut butter lovers, this is a turbo-charged, silky sweet peanut spread

Peanut Caramel Recipe

for the condensed milk

  • 1 litre whole milk
  • 1 kg caster sugar

for the invert syrup

  • 1 kg granulated sugar
  • 400 g water
  • ⅛ tsp citric acid

for the peanut caramel

  • 150 g condensed milk
  • 90 g smooth peanut butter
  • 110 g invert syrup


  1. For the invert syrup, boil 100 g of water, then add the sugar and citric acid and stir gently until dissolved. Simmer gently, stirring occasionally and gently, until it reaches 150 C, brush the insides of the pan down with a hot wet pastry brush to help avoid crystallisation. Remove from the heat and allow to cool to 130 C, then carefully add the remaining 100 g of water. Bring to the boil again and simmer until it reaches 125 C. Remove from the heat and allow to cool.

  2. For the condensed milk, bring the milk to a boil in a large pan, then add the sugar. Stir gently until dissolved, then simmer gently until it reaches 110 C, skimming frequently to remove any skin/film. Transfer to a bowl or container and allow to cool.

  3. To finish the peanut caramel, add all the ingredients to a pan and place over a medium heat. Stir gently to combine as it comes up to temperature, and continue stirring until it is only just simmering. Be careful to scrape the bottom of the pan so that it doesn't catch.