In deep fat fryer or heavy saucepan, heat 3 inches oil to 350°F. In large bowl, mix flour, cornstarch, water, salt and pepper with whisk until blended.
Dip each wing into batter. Fry in hot oil 6 to 8 minutes or until light golden brown. Don’t overcrowd pan while frying. Drain on paper towels.
Let wings rest 10 minutes. Meanwhile, make sauce: In small bowl, mix remaining ingredients except peanuts with wire whisk.
Fry wings again in hot oil 8 to 10 minutes or until deeper golden brown. Drain on paper towels.
Toss wings with sauce. Garnish with chopped peanuts; serve immediately.