Melt 1/2 Cup Unsalted Butter in a large saucepan over low heat.
Add marshmallows to the melted butter, stirring constantly with a wooden spoon until the mixture is smooth.
Add food coloring and vanilla extract to the butter and marshmallow mixture, stir to combine.
Add cornflakes, stirring constantly until all of the Corn Flake pieces are evenly coated.
Remove the saucepan from stove and quickly dish out the cornflake mixture into mounds. I was able to get 24 mounds from this recipe.
Once you have all of the mounds dished out, grease fingers with butter and gently make a small hole into the center of each mound, forming it into a wreath.
While Cornflakes are still warm garnish with Red Hots. I like to put them in clusters of 3. You can do this in multiple places or just one.