Line a large cookie sheet with parchment paper; set aside.
In a microwaveable bowl, combine caramels, cream and butter, microwave on HIGH for 30 second increments; stir and repeat until melted and smooth.
Stir in peanuts. Allow caramel mixture to cool for about 15 minutes, stirring every few minutes.
Spoon candy onto prepared cookie sheet in tablespoon-size mounds (a cookie scoop coated with non-stick spray works well for this). Place in the refrigerator for 30-60 minutes until set.
Place white chocolate in a microwavable bowl, microwave on LOW in 30 second increments; stir and repeat until melted and smooth.
Dip caramel cluster in the melted chocolate using a fork to remove it. Holding it over the bowl, tap the fork on the edge of the bowl to allow any excess chocolate to drip back into the bowl. Place cluster back on the parchment lined pan and repeat with remaining clusters.
Place the pan back in the refrigerator for 30-60 minutes until chocolate is set. Remove and enjoy or package up for gift giving!
Store the candy in an airtight container at room temperature for up to 5 days.