Pretty enough to hang from the Christmas tree
Yield: Makes 1 1/2 dozen 2-inch wreaths
Spray a medium saucepan with nonstick vegetable shortening or lightly grease it.
Melt the butter over low heat. Add the marshmallows and melt them over low heat, stirring constantly, until smooth (about 6 minutes). Remove the pan from the heat and whisk in the food coloring and vanilla extract until well-blended. Stir in the cornflakes to coat them well. Keep the mixture warm by placing the saucepan in a large pot or skillet filled with 1-inch of very hot tap water. Replace the water as it cools.
Working quickly so the mixture does not harden, use two spoons or lightly greased fingers to drop small (1 heaping tablespoon) mounds of the cornflake mixture onto the waxed paper. With lightly greased fingers, quickly form cornflake mounds into wreaths with holes in the centers. Immediately, while the wreaths are still sticky, decorate them with red-hots. (The red-hots may also be attached in a more leisurely fashion by using small dots of royal icing.)
When wreaths dry, they may be strung with nylon string or gold ribbons as tree ornaments.
Source: "Rose's Christmas Cookies" by Rose Levy Beranbaum
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