In a large bowl, combine the flour, sugar, and dry yeast. Add the lukewarm water and oil, then knead until you have a smooth, elastic dough. Cover and let rise in a warm place for 1 hour, or until doubled in size.
For the filling, toast the sesame seeds in a dry skillet until fragrant, then let cool. Lightly toast the peanuts, then grind them together with the sesame seeds. Mix in the powdered sugar and melted butter to form a creamy paste. Refrigerate for 20 minutes.
Divide the risen dough into 12 equal portions. Roll each portion into a ball, then flatten into a circle. Place a teaspoon of the filling in the center of each circle, then pinch the edges to seal, forming a bun.
Place the buns on a steamer tray lined with parchment paper, leaving space between them. Cover and let rest for 15 minutes to proof again.
Bring water to a boil in a pot, then place the steamer on top. Steam the baozi for 12–15 minutes. Do not lift the lid during steaming to ensure the buns rise properly and remain soft.
Once cooked, let the baozi rest in the steamer for 2 minutes with the lid closed, then serve warm. These are delicious as a dessert or a special breakfast treat.
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