Combine the sugar, water and corn syrup in a medium heavy-bottomed saucepan, stirring just to combine the ingredients.

Place the pan over medium-high heat.

Heat, without stirring, until the caramel turns deep amber, 5 to 15 minutes depending on the size of your saucepan and the intensity of the heat.

As the sugar is caramelizing, wipe down any splatters on the sides of the pan with a pastry brush dipped in cold water.

To test the color of the caramel, drop a bit onto a white plate. Don’t be timid about the color – if it’s too pale, it won’t have much flavor.

Remove from heat and standing back from the saucepan, add the cream and butter.

When the spatters are less vehement, stir to calm down the caramel and dissolve any lumps.

Stir in the peanuts and pour the caramel and peanuts.

Using a slotted spoon, scoop all of the peanuts out of the hot caramel and onto the top of the cake. Pour or spoon enough caramel to cover all the nuts, drizzling a bit over the edges of the cake for presentation.

Allow the topping to set at room temperature, about 20 minutes, before serving. (Keep the leftover caramel at room temperature and save for another use.)