Boil the shelled raw peanuts until they are as soft as you like. Same as boiling peanuts in the shell.
The shelled raw peanuts should boil a bit quicker than peanuts in the shell. I often have a few loose peanuts in the pot when I boil peanuts in the shell. The shelled peanuts seem to get soft sooner.
Dried raw peanuts need much longer boiling time than green raw peanuts. Green peanuts are freshly dug and full of moisture (~35% to 50%). Dried peanuts have 10% moisture. Dried peanuts can be stored for many months at room temperature. Green peanuts must be refrigerated, and even then will spoil in a week or so.
Green raw peanuts need at least 1 hour of boiling, up to 4 hours. Dried peanuts may take 24 hours or more. Sample the peanuts as they boil to decide when they are as soft as you want.
Dried peanuts will soften faster if you boil them without salt. You can add the salt after the peanuts soften, and let them simmer in the brine, or let them soak as the salt water cools. You can also soak the peanuts in the brine overnight in the refrigerator for more flavor.