Melt butter in large saucepan over low heat. When butter is melted, add marshmallows and stir continuously until completely melted and a syrup is formed.
Remove from heat and stir in food coloring.
Add cereal and stir until well coated.
Scoop out individual portions of cereal mixture using a ¼ cup measure. Spray hands with nonstick cooking spray and quickly shape cereal mixture into individual wreaths. Dot with red M&M’s Holiday Baking Mini’s.
Refrigerate to fully set. Store in an airtight container.