1. In heavy saucepan, combine marshmallows, butter, vanilla and food coloring. Cook and stir over low heat until smooth.
2. Remove from heat; add cornflakes and mix well.
3. Drop by spoonfuls onto greased foil, forming a 9-inch wreath. Decorate with red hots for "berries." Use licorice and one red dot to create a bow at the top of the wreath.