Melt butter in large saucepan over low heat.
Add marshmallows and cook until melted. Stir constantly to keep from burning.
Remove from heat. Stir in the food coloring, vanilla, and cornflakes.
Place waxed paper on counter.
Drop heaping tablespoonfuls of the mixture onto the waxed paper.
Form into circles (wreaths).
Decorate with red hot candies immediately.
Allow to cool at room temperature before removing from paper. Store in airtight container.