Start the process by roasting the peanuts if you are using raw peanuts.
Heat a heavy-bottomed pan on a medium flame. Add the peanuts and roast until they are lightly browned, stirring continuously. You can also roast the peanuts in the oven.
Let the roasted peanuts cool completely. Rub them with your hands to remove the skins and discard them.
Transfer them to a mixer jar or blender jar and grind them into a coarse powder.
Add sugar, salt, and oil to the ground peanuts. Grind the mixture until it turns smooth and creamy. Scrape the sides if needed.
Finally, add the cinnamon powder and grind again until fully combined and the mixture looks smooth and glossy.