Line a baking sheet with waxed or parchment paper and set aside. Microwave marshmallows and butter in 30 second intervals until completely melted. Add cereal and vanilla extract and fold. Once combined, pour into a buttered-coated pan and pat it flat firmly and evenly with a spatula. Allow treats to set for at least 1 hour.
Cut treats into rectangles, about 3 inches wide.
In a microwave-safe bowl, microwave your candy melts for about 30 seconds.
Gently dip end of lollipop stick into melted candy melts and then insert into one end of each treat. Insert lollipop stick in each treat.
Dip 1 inch of each cereal treat into melted candy and lay flat on lined baking sheet. Top off with red and white sprinkles. Let set until coating hardens completely. Enjoy!