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Preheat air-fryer or oven to 325F.
Stir honey into melted butter. Pour peanuts; stir until evenly coated and then spread out on small rimmed baking sheet lined with foil, parchment or a silicone baking sheet (to make clean up easier).
Air fry for 5-6 minutes or bake for 8-10 minutes, stirring up halfway through. Watch closely near the end, as sugared nuts will start burning fast once they reach the “tipping point.”
Remove from heat. In small bowl, stir together sugar (or sugar substitute, cinnamon and salt); sprinkle over peanuts while still warm; toss to coat. Let cool a couple minutes before eating.