In a 2 quart glass measuring cup combine water, sugar and corn syrup. Microwave on high until boiling. Stir in peanuts.
Microwave on medium to between 234 and 240 degrees F (112 to 116 degrees C), or until a small amount of syrup dropped into cold water forms a soft ball that flattens when removed from the water and placed on a flat surface.
Stir in butter, vanilla and food coloring. Beat until creamy and cool. Drop by teaspoonfuls onto prepared pan.