Start by placing the popped corn in a very large bowl, ensuring you remove any unpopped kernels to prevent any surprises later on. The popcorn should be light and airy, forming the perfect base for your sweet mixture.
In a medium pan over medium heat, melt ½ cup of the butter and all the miniature marshmallows together. Stir frequently to prevent the marshmallows from scorching. If they start to bubble too much, turn the heat down slightly. Once the marshmallows are almost fully melted, remove the pan from heat and stir until completely smooth. The mixture should be glossy and ooey-gooey.
Carefully pour half of the melted marshmallow mixture over the popped corn. Gently fold the popcorn to coat it evenly with the marshmallow. You want to be careful not to crush the popcorn; it should remain fluffy and light.
Pour the remaining marshmallow mixture over the coated popcorn and fold again, ensuring every piece of popcorn is well-coated. If you're adding the optional dry roasted peanuts, do so now, and fold them in gently.
For an extra burst of flavor, sprinkle the optional diced orange gumdrops or slices over the top of the mixture. Fold them in carefully to incorporate the colors and flavors evenly throughout.
While the mixture is still warm, lightly grease your palms with the remaining tablespoon of butter. Gather up about a generous half cup of the marshmallow popcorn mixture and press it together gently but firmly to mold into a ball shape, about 2½ to 3 inches in diameter. Be careful not to compact them too tightly, as this will make them hard to eat once they set.
Place the formed balls onto parchment paper or waxed paper to cool. As they cool, the mixture will firm up, holding its shape beautifully.
If you’re planning to give them as treats, wrap each cooled popcorn ball in plastic wrap or place them in small clear treat bags tied with a festive ribbon. This makes for a charming gift that everyone will love!
Store any leftovers in an airtight container at room temperature. They’ll remain fresh and delightful for several days, though I doubt they’ll last that long!
