Preheat the oven to 350°F (175°C) and spread the raw peanuts in a single layer on a baking sheet. Roast for 8 to 10 minutes, stirring halfway through, until golden brown and fragrant.

Remove the peanuts from the oven and let them cool on the baking sheet for about 3 minutes to prevent further cooking and to make them easier to handle.

Add the cooled peanuts and 1 cup of water to a high-powered blender. Blend on high speed for 2 to 3 minutes until the mixture is very smooth and creamy.

Pour the blended peanut mixture through a fine mesh strainer lined with cheesecloth into a large saucepan, pressing gently with a spoon to extract all the liquid and leave the solids behind.

Place the saucepan over medium heat and add the remaining 1 cup of water, condensed milk, and evaporated milk. Stir constantly for 3 to 5 minutes, until the mixture is warmed through and just begins to steam. Do not boil.

Remove the pan from heat and stir in the vanilla extract, ground nutmeg, ground cinnamon, and a pinch of salt. Taste and add honey if you prefer extra sweetness.

Let the punch cool to room temperature for at least 15 minutes, or refrigerate for a cold version. Cooling allows the flavors to meld and deepen.

Serve the peanut punch over ice cubes in glasses or warm in mugs. Garnish with a light sprinkle of nutmeg and enjoy.