01 - Heat oil in a large pot over medium heat. Add popcorn kernels, cover with lid, and shake pot occasionally until popping slows to 2-3 seconds between pops. Remove from heat immediately. Transfer popped popcorn to a large mixing bowl, carefully picking out and discarding any unpopped kernels.
02 - In a medium saucepan over medium heat, combine granulated sugar, light corn syrup, water, unsalted butter, and salt. Stir constantly until sugar completely dissolves and mixture begins to boil. Stop stirring and allow to boil undisturbed for 3–4 minutes until mixture reaches 250°F (hard ball stage) and slightly thickens.
03 - Remove saucepan from heat. Immediately stir in vanilla extract and 2–3 drops of red food coloring. Mix thoroughly to achieve an even rosy-pink hue. Add additional food coloring drop by drop if deeper color is desired.
04 - Working quickly while glaze remains hot and fluid, pour the pink candy mixture evenly over the popped popcorn. Immediately toss and stir with a heat-resistant spatula or carefully with greased hands to coat every kernel thoroughly. Work rapidly as glaze will begin to set.
05 - Spread coated popcorn in a single layer on a baking sheet lined with parchment paper. Allow to cool completely at room temperature for 20–30 minutes until glaze hardens and becomes crispy. Break into clusters and serve immediately or store in airtight container.