Torch the cinnamon sticks until lightly charred.
Add the cinnamon sticks and honey to a small pot. Bring to a simmer over medium heat, then reduce heat to medium-low. Cook, stirring often, until the honey is darker in color and starts to smoke.
Remove the cinnamon sticks and add 1 tbsp of water - it will bubble up, but will settle down quickly. Remove from heat and pour into a heat-safe container until ready to use.
Preheat oven to 300 F. Evenly spread the peanuts on a parchment-lined baking sheet, and bake the peanuts until very fragrant and darkened in color, about 16 - 18 minutes.
Cool the peanuts for 5-10 minutes, then add to a high speed blender with the salt. Blend until very smooth in texture.
Add a few tbsp of the burnt cinnamon honey and blend to combine. Add more for a sweeter peanut butter. If it starts to seize / thicken too much, you can add a couple tsp of neutral oil to smooth it out.
Store in a sealed jar and keep room temp for 1 month, or in the fridge for up to 3 months.
