Place a metal stand in a large pot. Fill it with an inch or so of water. Bring it to a rapid boil. Lightly oil an 8-inch cake pan with vegetable oil. Set aside. When water comes to a boil, place pan on the stand.
In a large bowl, combine glutinous rice flour and sugar. Gradually add water. Stir until a smooth batter forms. Pour batter into prepared pan. Cover, reduce heat to medium, and steam for 40 minutes.
In the meantime, process or chop peanuts until fine. Mix with sugar and set aside.
When dough is ready, remove and allow it to cool. Scoop sticky dough with an oiled teaspoon and drop into peanuts and sugar mixture. Coat well and serve immediately.