Line a baking sheet with parchment paper. Heat 8 tablespoons of the butter, marshmallows, vanilla and salt in a large saucepan over medium heat, whisking until smooth, about 5 minutes. Stir in powdered sugar and remove from heat.When cool enough to handle, transfer mixture to a clean counter and knead until shiny. (Lightly butter yours hands). Using a bench scraper or sharp knife, divide mixture into 8 pieces and roll each into a 4-inch long rope. Transfer ropes to prepared sheet and refrigerate until firm, about 15-20 minutes.Meanwhile, pulse peanuts in a food processor until finely chopped. Transfer peanut to a shallow dish, like a pie plate.Heat caramels, condensed milk, and remaining 4 tablespoons butter in a large saucepan over medium heat, whisking until smooth, about 5 minutes. Let caramel set until cool enough to handle, dip chilled ropes, one at a time into caramel mixture and roll in peanuts, pressing to adhere. Return coated ropes to sheet and refrigerate until firm, about 1 hour. Cut ropes into pieces before serving.