Preheat oven to 300 degree F. In a large roasting pan combine cereal, pretzels, sesame and cheese snack sticks, and peanuts.
In a small saucepan heat and stir butter, hot pepper sauce (if desired), and Mexican seasoning over low heat until butter is melted. Drizzle butter mixture over cereal mixture, tossing to coat.
Bake, uncovered, in preheated oven for 30 minutes, stirring twice. Spread mixture out onto a large piece of foil to cool. Store mixture in an airtight container for up to 1 week. Makes 10 cups.