Butter 2 baking sheets or a large marble slab.
In a double boiler heat the peanut butter over low, keeping it warm until it's needed.

In a large sauce pan combine the sugar, corn syrup and ¼ cup of water.
Cook over high heat to 275°F, lower the heat to medium, add butter, stirring until melted. Now add the peanuts and continue to stir until the candy starts turning brown and reaches 300°F, about 5 minutes.

Remove from heat, stir in the baking soda mixture that has been dissolved in a tsp of water along with the vanilla. Working quickly, fold in the warm peanut butter until well blended.
Pour the candy onto a marble slab or greased cookie sheet spreading it ¼ to ½ inch thick. Break into pieces after it has cooled