Microwave butter in 4 quart microwavable bowl on HIGH 45 sec or until melted. Add marshmallows; toss to coat. Microwave 1 1/2 minutes or until marshmallows are completely melted, stiring after 45 sec. Stir in cereal.
Shape 1/3 cup of the cereal mixture into stocking shape, using moistened or greased hands. Place on wax paper lined tray, repeat with remaining cereal mixture, cool.
Decorate as desired