Spread wax paper over a work surface.

Place the butter into a large pot. Melt on medium heat. Stir in the marshmallows and allow to melt fully.

Remove from the heat and stir in the food color, vanilla extract, and cereal.

Working quickly, spoon heaping mounds of the mixture onto the wax paper. Carefully shape into the traditional wreath shape.

Immediately place red candies onto the wreath and gently press to secure.

Allow the cookies to set. Store in an air tight container.