Add wax paper to a baking sheet.

Melt butter in a saucepan over medium heat.

Add marshmallows and stir until melted. Take the pan off the heat.

Add gel food coloring to the melted mixture and stir.

Add the cereal and fold until all ingredients are mixed.

Spread the mixture into the prepared pan, even it out using a rubber spatula, and shape it into 8X10 inches.

Let the mixture set for about 10 minutes.

Cut a circle cookie cutter and cut 2 1/2 inches in diameter. Use a different cookie cutter, and cut 3/4 inch in diameter in the middle of the treat.

Add the red candy to a microwave-safe bowl and microwave in 30-second intervals, mixing in between.

Scoop the melted candy into a piping bag and pipe a red bow on the bottom of the treats. You can make the bow shape by piping out two circles attached together and then piping two lines in the middle.

Melt the yellow candy the same as the red. Put it into a different piping bag and add little yellow dots on the treats.

Let the wreaths set, then serve!