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Place peanuts in medium mixing bowl and set aside. Place cocoa powder in a small shallow container and set aside. Using 1 tablespoon butter, grease the sides of a heavy 3 quart saucepan. Carefully clip a candy thermometer to the side of pan. Combine sugar and milk and cook over medium heat, stirring constantly until heated to softball stage, 236 to 240 degrees, 12-14 minutes. Remove from heat, stir in remaining butter, vanilla and peanut butter until blended. Transfer fudge mixture, scraping sides, into a large heatproof mixing bowl. Using an electric mixer, beat on medium speed scraping sides occasionally, until it starts to lose it's gloss and to become thick. Do not overbeat or fudge will seize. Working quickly, shape mixture into round balls of about 1 rounded teaspoon, place one lollipop stick in each ball, and secure truffle by molding firmly around stick. Roll in cocoa powder until coated. Pressing lightly, roll in chopped peanuts until well coated
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