In a saucepan, melt the butter with the honey and 1 tsp salt over medium heat. Bring to a boil and let it continue to boil for about 30 seconds, stirring constantly. Remove from the heat and stir in the peanuts so they are evenly coated.
Spread the coated peanuts on a cookie sheet lined with parchment paper. Make sure that the peanuts are in one layer and not clumped or piled.
Roast the peanuts in the oven for 30-40 minutes, stirring them every 10 minutes. The peanuts should start to brown and the coating should develop a caramel colour.
In a small bowl, stir together the white sugar, cayenne pepper and remaining 1 tsp salt.
Remove the peanuts from the oven and scoop into a large bowl. Dump the white sugar mixture over the peanuts and stir so all the nuts are coated in the white sugar.
Let the peanuts cool completely, stirring them every once in a while so that they do not stick together.