Melt margarine in large saucepan over low heat.
Add marshmallows and cook, stirring constantly, until marshmallows melt and mixture is syrupy.
Remove from heat.
Stir in food coloring.
Stir until well coated.
Portion warm cereal mixture using 1/4 cup dry measure onto wax paper-lined baking sheet.
Using buttered fingers, quickly shape mixture into individual wreaths.
Dot with red cinnamon candies.