Make the Dough:

1. In a large mixing bowl, combine the all-purpose flour, granulated sugar, salt, and active dry yeast.

2. In a separate bowl, mix warm water and milk. Pour the wet ingredients into the dry ingredients and stir to form a dough. If needed, add extra flour to reduce stickiness. Knead for 5-7 minutes until smooth and elastic.

3. Cover with a damp cloth or plastic wrap and let it rise in a warm place for 1 hour, or until doubled in size.

Prepare the Filling:

1. In a small bowl, mix brown sugar, cinnamon, chopped peanuts (or walnuts), and honey. Set aside.

Shape and Cook the Hotteok:

1. After the dough has risen, punch it down and divide it into 6-8 small balls.

2. Flatten each dough ball into a disc and place a generous spoonful of the filling in the center. Fold the edges to form a pouch, sealing it tightly.

3. Heat a small amount of neutral oil in a skillet over medium heat. Place the filled dough pouches seam-side down and cook for 2-3 minutes on each side, pressing gently with a spatula to flatten them into pancakes.

4. Once golden brown and crispy, remove from the skillet and place on a paper towel-lined plate to absorb excess oil. Serve warm.