Concept:
Foreign body airway obstruction in a conscious child requires immediate maneuvers to expel the foreign body. In children older than 1 year, abdominal thrusts are used.
Step 1: Identify the emergency.
The child has choked on a peanut, meaning there is suspected foreign body airway obstruction.
Step 2: Apply age-based management.
For infants less than 1 year, back blows and chest thrusts are preferred. For children older than 1 year, abdominal thrusts are used.
Step 3: Choose the immediate management.
The child is 2 years old, so the best immediate management is:
\[
\text{Abdominal thrusts}
\]
Therefore, the correct answer is Abdominal thrusts.