POP CORN USING AS LITTLE OIL AS POSSIBLE. SET ASIDE. MELT MARGARINE, OIL, MARSHMALLOWS AND CARAMELS IN A SAUCE PAN. MIX POPCORN AND PEANUTS, AND ADD MELTED MIXTURE. MIX IN M&M'S. STIR TO MIX WELL. PRESS INTO TUBE PAN.
REMOVE FROM PAN AND LET STAND TILL COOL.
SLICE INTO 12 PIECES.
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