Melt butter in large saucepan on low heat. Add marshmallows; cook and stir 3-4 minutes until melted. Stir in food coloring. Add cereal; stir to evenly coat. Drop by tablespoonfuls onto waxed paper-covered baking sheets sprayed lightly with cooking spray. Press 2-3 candies into cereal mixture, flattening each mound slightly. Let stand until firm. Makes 2 1/2 dozen.