In a mixing bowl stir together the flour, sugar, baking powder, and salt. In another bowl combine the egg yolks, milk, and oil; stir into dry ingredients all at once, stirring just until combined but still slightly lumpy. Stir chopped peanuts into batter. Set aside. In a small bowl beat egg whites until stiff peaks form (tips stand straight). Gently fold egg whites into batter, leaving a few fluffs of egg white. Do not overmix.

Pour about 1 cup of batter onto grids of a preheated, lightly greased waffle baker. Close lid quickly; do not open during baking. Bake according to manufacturer's directions. When done, use a fork to lift waffle off grid. Repeat with remaining batter.

Serve hot with margarine or butter, if desired, and Butterscotch Sauce. if desired, top with berries. Makes 12 (4-inch) waffles.

In a medium saucepan combine 1-1/4 cups packed brown sugar, 2/3 cup light-colored corn syrup, 1/4 cup milk, and 1/4 cup margarine or butter. Bring just to boiling; reduce heat. Simmer, stirring occasionally, for 20 minutes. Serve warm. (Refrigerate any remaining sauce; reheat in saucepan over low heat.) Makes about 1-2/3 cups.