Microwave butter in large microwaveable bowl on HIGH 45 sec. or until melted. Add 2-1/4 cups marshmallows; toss to coat. Microwave 1 min. or until marshmallows are completely melted and mixture is well blended, stirring after 45 sec. Stir in food coloring. Add cereal; mix well.
Press cereal mixture onto bottom of 8-inch round pan sprayed with cooking spray. Cool 15 min.
Remove cereal mixture from pan; place, top side down, on cutting board. Cut into 8 wedges.
Melt chocolate as directed on package; spoon into resealable plastic bag. Cut small piece off one bottom corner of bag. Use to squeeze small dab of chocolate onto pointed end of each wedge; top with marshmallow, pressing into chocolate to secure. Squeeze remaining chocolate into line at base of each wedge; top with remaining marshmallows as shown in photo.
Size wisely. Enjoy a serving of this classic recipe at your next holiday party.
For a minty flavor, prepare using JET-PUFFED Peppermint MALLOWS Mini Marshmallows.