A composition of matter comprising an interpenetrating polymer network of a combination of a silanol-containing polysiloxane phase and a silylated triglyceride oil phase. The two phases are mixed and covalently bound to each other via siloxane crosslinks. A method for producing interpenetrating polymer networks. The method comprises providing triglycerides from oils or fats and reacting the triglycerides with a reactive silane to form a silylated triglyceride oil. The silylated triglyceride oil and a silanol terminated polysiloxane are emulsified with water in a predetermined ratio. Thereafter, crosslinking agents are added and the water is removed from the emulsions providing siloxane crosslinks between the two intimately mixed immiscible phases.