1
: Wash and dry apples. Remove stems and insert a wooden stick into the stem end of each apple; set aside.
2
: Combine brown sugar, sweetened condensed milk, corn syrup and butter. Gently simmer mixture, stirring constantly over medium heat, about 15 minutes. Remove from heat, stir in vanilla.
3
: Working quickly, dip each apple into the hot caramel mixture (use a spoon if necessary to spread mixture evenly over apples). Allow excess mixture to drip off. Dip bottoms of apples into cereal or peanuts. Place on parchment paper-lined baking sheet; let stand until firm, about 25 minutes. Store uncovered at room temperature.