In advance: Mold top star candies; refrigerate until firm, unmold.
Prepare cereal treats. Before mixing in cereal, divide marshmallow/butter mixture into 2 portions. Tint 1 red. Add 1/2 of cereal to each portion and mix per recipe. Keeping colors separated, press mixtures into waxed-paper lined pan; unmold by lifting waxed paper. Cut circles using medium round Cut-Out sprayed with pan spray; cut 3 red and 2 natural for each treat. Thread circles onto lollipop sticks, leaving 1 1/2 in. extended at top; secure with dots of melted candy. Attach candy star to top of stick and icing decorations to treats using melted candy. Let set. Place treat in bag and tie.