Heat oven to 350 degree F. Stir together flour, sugar, baking soda, and salt in a large mixing bowl. Cut in butter or margarine and peanut butter with a pastry blender until mixture resembles coarse crumbs. Beat in honey and milk with a wooden spoon until combined.
Shape dough into 1-1/2-inch balls. Roll each ball in peanuts, pressing lightly to coat. Place on an ungreased cookie sheet. Insert a pretzel stick into each ball, and flatten ball slightly.
Bake about 12 minutes or until edges are lightly browned. Cool on cookie sheet 1 minute. Transfer to wire racks; cool completely. (Do not lift by sticks until completely cooled.) Makes 24 cookies.