PLACE peanuts and evaporated milk in blender container; cover. Blend on medium speed until smooth.
HEAT annatto oil in medium heavy-duty skillet over medium heat. Add onion, tomato and garlic; cook, stirring occasionally, for about 4 minutes or until onion is tender and mixture is well blended. Stir in peanut mixture and cilantro. Bring to a boil; cook for 3 minutes, stirring frequently. (Sauce should have consistency of very heavy cream. If too thick, add some water.) Season with salt, pepper, cumin and hot pepper sauce.
* NOTE: You can make annatto oil by heating 2 tablespoons annatto (achiote) seeds in 1/2 cup olive or vegetable oil over low heat for 3 to 5 minutes, stirring occasionally until oil turns bright orange. Store in small jar or container. Or, you can substitute 2 tablespoons olive or vegetable oil combined with 1 teaspoon ground annatto or sweet paprika for the 2 tablespoons annatto oil.