In a microwave safe bowl, melt the butter for 60-90 seconds. Whisk in all of the spices and seasonings. Pour over the cereal and peanuts and carefully stir with large spoon until well coated.
4
Transfer to large roasting pan and bake 45 minutes, stirring carefully every 15 minutes.
5
After 45 minutes, stir in the bacon and cheese. Bake 15 minutes more.
6
Spread on paper towels to cool completely. Store in airtight containers.