Line two baking sheets with foil. Grease foil with butter or nonstick spray. In a large, heavy bottom sauce pan attach a candy thermometer to the pan leaving it 1 inch off of the bottom. Add sugar, syrup,& water to the pan and stir to combine. Over medium low heat bring mixture to a full boil. Once sugar mixture is boiling, add peanuts and coloring. Cook to hard ball stage (250 F) on a candy thermometer, stirring occasionally. Remove from heat. Working quickly add butter and salt. Beat until mixture thickens, about 3 minutes . You can either drop by spoonfuls onto foil or pour the mixture out onto the foil and break into pieces when cool. Allow to cool completely.