Grease your mini-muffin pan with butter and set aside. In a small, heavy bottomed saucepan combine sugar, corn syrup and water. Attach your candy thermometer to the side of your saucepan so it touches the syrup mixture. Turn the heat on to medium-high and stir the mixture until the sugar is totally dissolved! Once mixture is gently boiling add butter. Stir frequently. The syrup mixture will become a golden colour and very thick, about 20 minutes. The thermometer should read 280 degrees.
Add peanuts and stir constantly until the thermometer reads 305 degrees. Remove your saucepan from the heat. Quickly stir in baking soda and vanilla. Carefully spoon the hot mixture into your prepared pan. Allow to cool on your counter. Remove bites from the pan and enjoy!