In a medium sauce pan, add sugar and water and do not stir. Heat over medium high heat without stirring, for about 10 to 12 minutes or until sugar is melted and turns a light golden color. Remove from heat and carefully whisk in cream – mixture will bubble and splatter slightly.

Divide ice cream between four bowls. Top each with caramel sauce, 1/8 cup pretzels and 1 tablespoon of peanuts. Serve immediately.