Place butter and marshmallows in a heavy bottom pan. Set over medium heat. Stir frequently until the marshmallows are melted and creamy, about 5 minutes.
Mix in the vanilla and food coloring until the desired color is reached; gently fold in the cornflakes to coat.
Drop by tablespoonfuls onto the prepared cookie sheet and use lightly greased fingers to form wreath shapes. Immediately decorate with 3 red hots each.
Allow cookies to cool and set about 15 minutes. Makes about 36 cookies. Store in an airtight container.
Notes
*Lightl spritz your fingers and the spoons with nonstick cooking spray to keep the cookies from sticking to your fingers.