Cut 1 (10.75 ounce) box frozen mini waffles into approximately 1-inch pieces.
Add waffle pieces to a mixing bowl, then spray lightly with no-stick cooking sprayand toss or stir until evenly coated.
Mix 1 tablespoon ground cinnamon and 3/4 cup sugar in a small bowl, then pour over waffle pieces in the mixing bowl and toss or stir until evenly coated.
Spread waffle pieces onto a baking sheet and bake at 450 degrees Fahrenheit for 20 minutes or until toasted and crispy, stirring every 5 minutes.
Add toasted waffle pieces, M&Ms, and dry roasted peanuts to a large mixing bowl and toss or stir until thoroughly combined.