Measure out oats and peanuts in a large bowl. Set aside.
In a small saucepan, heat butter, peanut butter, honey and brown sugar together until melted. Increase heat to medium and simmer for 1 minute {or up until 90 seconds}. The longer you boil this mixture, the harder your granola bites will be. If you want them more chewy, boil for 1 minute. If you want them harder, boil for slightly longer.
Pour this hot mixture over the oats and stir to coat. Scoop into bite size mounds on wax paper and then roll in between your palms, pressing mixture together into a tight ball. Cool to room temperature and store in an airtight container for up to 4 days.