I found this fabulous recipe over at Smitten Kitchen, and it was so much fun to make and even more fun to eat. If you like Nutella, you will LOVE peanutella, just think of the possibilities!!
Lets see, let me count the ways to enjoy peanutella: on waffles, on pound cake, on warm scones, in a sandwich, with s'mores, on waffles, as a fruit dip and...oh yes...right out of the jar!!!
2 cups shelled, skinned raw peanuts (see note)
½ cup unsweetened cocoa powder (best quality you can find)
1¼ cups powdered sugar
¼ teaspoon salt (plus a pinch?)
2 to 3 tablespoons peanut oil
Spread the nuts on a cookie sheet and roast in a 400F oven for 10 minutes, stirring half way through for even roasting. NOTE: I couldn't find raw peanuts, so I used dry roasted UNSALTED peanuts and roasted them for only 5 minutes in the oven (to bring out more flavor).
Put the nuts in a food processor and process for five minutes. At first they will get mushy or pasty, but keep processing and the nuts will start to liquefy. Scrape down the sides of the food processor every once in a while.
Once the nuts begin to liquefy, add the cocoa powder, powdered sugar, salt and 2 tablespoons of peanut oil. Process for another minute or so. If the mixture seems too thick (it will thicken more in the fridge) add the other tablespoon of peanut oil. Taste the mixture, add another pinch of salt if you think it needs it.
That's it!! Store in the fridge (tightly covered) for up to a week. This mixture might seem a bit thin at first, but it will thicken as it "sets" in the fridge.