Spray two 9 inch cake pans with cooking spray and set them aside.
In a large saucepan, melt the butter then melt in the marshmallows. Once melted, stir in the red food coloring.
Mix in the Kellogg's® Rice Krispies® and divide evenly between the two cake pans. Let cool completely.
Remove the two circles from the pan, and cut them into 8 equal pieces.
Pipe (or spread) the vanilla frosting at the base of the hat and a little at the top and then quickly sparkle on some sparkling sugar sprinkles.
Best if served within a day or two. Store in an air tight container.