Line a baking sheet with wax paper set aside.
In a medium saucepan, melt butter over medium heat.
Add marshmallows and stir until completely melted. Remove from heat.
Add gel food coloring to melted marshmallows and mix until tinted.
Add rice cereal and fold until all ingredients are well combined.
Use a spatula to evenly spread the rice cereal treats mixture onto the lined pan. Shape the it to be about 8 inches x 10 inches.
Allow the Rice Krispies to set for about 10 minutes.
Use a circular cookie cutter, 2 ½ inches in diameter in size and cut out circle-shaped rice cereal treats. Use another cookie cutter, ¾ inch in diameter and cut out circles in the center of each treat. You should get about 12 treats.
Take all the leftover scraps of the rice krispie mixture and reform it on the baking sheet, repeat the cookie cutter (large then small) process in the step above. You should be able to get 4 more treats.
Add red candy melts into a microwave safe bowl. Microwave in 30-second intervals, mixing between each interval.
Scoop the melted candy into a piping bag. Pipe out a red bow on the bottom of each rice cereal treat wreath. To form the shape of a bow, begin by piping out two circles attached together, similar to an infinity sign. Next, pipe out two lines in the center.
Next, melt the yellow candy the same way you did the red candy melts. Scoop into another piping bag, and pipe out little yellow circle dots around the wreath (about 6).
Allow to set and serve.