Prepare the Filling: Pulse peanuts, sesame seeds, and coconut in a food processor until finely ground. Mix with softened butter or peanut butter to create a cohesive paste. Set aside in a cool place.
Cook the Sugar Syrup: In a medium saucepan, combine sugar, corn syrup, water, and vinegar. Stir over medium-high heat until sugar fully dissolves. Attach a candy thermometer, ensuring it doesn’t touch the pan’s bottom. Cook without stirring until the syrup reaches 260°F–265°F (hard ball stage), about 20–30 minutes. Stir in food coloring if using.
Cool the Syrup: Remove from heat and let the syrup cool to 212°F. Pour into silicone donut molds or onto a nonstick silicone mat to form 1-inch thick rings. Cool at room temperature for 2 hours until firm but still pliable.
Prepare Workspace: Generously dust a large baking sheet or flat surface with cornstarch to prevent sticking during stretching.
Stretch the Sugar: Unmold the sugar puck and lightly dust with cornstarch. Poke a hole in the center with the back of a wooden spoon to form a donut shape. Gently stretch the ring, rotating to maintain even thickness. When it reaches 12 inches in diameter, twist into a figure-8 and fold back into a single ring. Repeat this process 10–13 times, doubling the strands each fold (1 to 2, 4, 8, up to 1,024–16,384 strands). Dust with cornstarch as needed to prevent sticking.
Assemble the Candy: Once strands are thin and silky, tear off 8-inch sections. Place 1 tsp of filling at one end of each section and roll to encase, forming a cocoon-like shape. Repeat with remaining strands.
Serve Immediately: Enjoy fresh for the best texture, or store as directed below.
