In a medium saucepan, bring 1 1/2 cups sugar and 1/4 cup water to a boil over medium heat. Cook without stirring until mixture starts to turn a deep reddish brown, 6 to 8 minutes. Then gently swirl the pan to color evenly, remove from heat, and add butter and 1 cup whipping cream, stirring constantly (mixture will boil furiously). Let cool slightly.
Whisk remaining 1 cup whipping cream and remaining 1/4 cup sugar in a medium bowl until soft peaks form.
Scoop about 1/2 cup ice cream into each serving bowl. Pour 2 tbsp. warm sauce over ice cream (you will have a little extra), then top each with 1/4 cup caramel corn and 2 tbsp. peanuts. Dollop portions with whipped cream.
Note: Nutritional analysis is per serving.