Mix 1 cup of water with cornstarch and orange food color powder until smooth.

In a non-stick pan on medium-high heat, combine the remaining water, white sugar, and brown sugar.

Stir until the sugar is fully dissolved.

Once small bubbles form, add the cornstarch mixture.

Stir constantly until it starts to thicken, then add the oil.

Stir well to combine.

Reduce heat to low.

Stir for 30 seconds every 15 minutes, adding 2 tablespoons of butter/ghee each time.

Continue stirring, avoiding over-stirring, for about 1 hour and 30 minutes until very thick with tiny bubbles.

Add cardamom powder, nutmeg (or allspice), and peanuts (if using).

Stir to incorporate.

Pour the Halwo into a dish or cake pan (6" x 9" for a thick Halwo).

Let cool unrefrigerated for 3 hours.

Invert the pan onto a plate to release the Halwo.

Cut and serve.