Pop the popcorn.
Sift through all the popcorn and make sure that you remove any unpopped kernels.
Put the popcorn in the largest bowl you own (this will help with the mixing)
In a medium saucepan, melt the honey and the sugar together, stirring occasionally, until simmering.
Allow to simmer for 3 minutes, stirring occasionally, over medium-low heat.
Add the peanut butter and vanilla and stir until combined well.
Remove from heat and pour the sauce over the popcorn.
Mix well until the popcorn is evenly coated.