To make syrup, mix brown sugar, water, and food color in a small sauce pan. Heat it up over medium heat. As soon as the sugar melts and the syrup starts to bubble, turn off the heat. Set aside and let cool.
Make shaved ice by using ice shaver or blender.
Transfer the shaved ice to a bowl and add 2 tablespoons of the syrup, then top with condensed milk, red beans, sweet corn, and grass jelly, and peanuts.