Your first ingredient for caramel popcorn is white popcorn. You can add peanuts to this mixture. If you would like to, add that to the white popcorn along with 1/2 teaspoons of salt. To make the caramel coating, you will need 1/2 cup molasses, 1/2 cup light corn syrup and 1/2 teaspoon of vinegar.Heat up the caramel mixture until it comes to a boil. Drop a drop of water into the mixture. If it hardens, it’s ready. Take the mixture and pour it over the popcorn. Stir slowly until it hardens.