Combine cereal, currants, and peanuts in a large bowl.
Stir together oil, salt, and cinnamon in a small frying pan. Warm over medium-high heat until fragrant, 1 to 2 minutes. Scrape from pan over cereal and mix to coat.
Make ahead: Store airtight up to 2 days.
Note: Nutritional analysis is per 1/2 cup.