Heat the oil in a wok or large pan over medium-high heat until shimmering, about 5 minutes. Add the peanuts and stir-fry for 1 minute. Reduce heat to medium and continue cooking until the peanuts are golden brown, 10 to 15 minutes.
Remove the peanuts to a paper towel-lined half-sheet pan and immediately season with salt.
Cool peanuts completely, about 20 minutes, then transfer a third of the peanuts to a food processor and pulse until coarsely chopped, about 20 pulses. Remove the chopped peanuts from the food processor and set aside.
Add the remaining peanuts to the food processor along with the salt and honey. Process the peanuts for 5 minutes. Stop and scrape down the sides of the processor as needed.
Continue pureeing until the peanut butter is completely smooth. Add the chopped peanuts and pulse 3 to 4 times until well incorporated.
Store in an airtight container.