Melt butter in a large saucepan over low heat. Add marshmallows, and cook until melted, stirring constantly.
Remove from heat, stir in food coloring, vanilla and cornflakes.
Quickly drop heaping tablespoonfuls of the mixture onto waxed paper, and form into a wreath shape with lightly greased fingers.
Immediately decorate with red hot candies. Allow to cool to room temp before removing from waxed paper, and storing in an airtight container.
Nutrition Info Per Serving (1 wreath): Calories 143.2 Total Fat 6.1 g Saturated Fat 3.9 g Polyunsaturated Fat 0.2 g Monounsaturated Fat 1.6 g Cholesterol 16.5 mg Sodium 110.3 mg Potassium 14.2 mg Total Carbohydrate 21.4 g Dietary Fiber 0.3 g Sugars 13.1 g Protein 0.6 g