In a medium sized saucepan, melt the butter and marshmallows over moderate low heat, stirring constantly.  When melted, remove from the heat and stir in 1 teaspoon of food color and the vanilla.  Add more food color if desired.  Sitr in the corn flakes.  Drop the mixture 1 tbls. at a time onto waxed paper.  Decorate with the candies.  Let stand for 30 minutes until cool.
NOTE:  You can make these a springtime treat as well by using pastel food color and jelly beans.