To make the dressing, combine the peanut butter, vinegar, sesame oil, and sriracha sauce in a medium pan over medium heat. Season with salt and black pepper, to taste, and heat, stirring continually, until the peanut butter melts and the ingredients are thoroughly combined, approximately 2-3 minutes.

Reduce heat to low and whisk in remaining dressing ingredients until combined. Simmer, stirring occasionally, until heated through, approximately 2 minutes. Remove from heat and set aside. Keep warm.

Combine shredded green cabbage, red cabbage, carrots, bell pepper, green onion, and fresh cilantro in a large bowl. Season with salt and black pepper, to taste, and drizzle with a small amount of the warm peanut dressing. Toss to combine.

Transfer salad to a decorative serving platter and top with chopped peanuts, Mandarin oranges segments, and sesame seeds. Serve immediately with remaining peanut dressing on the side. Enjoy!