In a skillet heat 1 Tbsp of the peanut oil and sauté the peanuts until golden brown (approximately 4 to 6 minutes). Drain peanuts on paper towels.
Heat the remaining peanut oil and cook shallots, ginger, garlic, and jalapeños over low heat 4-5 minutes. Add the coconut milk and vinegar and simmer slowly for 5 minutes.
Place peanuts into the simmering liquid and continue to cook 5 minutes. Remove from heat and allow to cool 10 minutes.
Transfer mixture to a blender and puree until smooth. Continue to blend, adding in remaining ingredients (If the sauce is too thick, add bit more warm water).
The sauce may be made several days in advance. Store in an airtight container in the refrigerator. Best when served at room temperature.