Line a baking sheet with parchment paper. Combine the cereals in a bag and roughly crush into small pieces with a rolling pin. Pour into a large bowl, add the peanuts and raisins and toss.
Combine the butter, brown sugar, corn syrup, heavy cream and salt in a saucepan. Bring to a simmer over medium-low heat, stirring, until the caramel darkens a shade and releases from the sides of the pan when stirred, 4 to 7 minutes. Remove from the heat. When the caramel stops bubbling, stir in the marshmallows and food coloring. Add to the cereal mixture and stir.
Working quickly, drop 1/4-cup mounds of the mixture onto the baking sheet. Let cool slightly, then press each into a wreath shape while still warm and press mini M&M’S onto each. Let stand until set, about 1 hour.
Cook’s Note
219 calories per serving
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Photograph by Ryan Liebe
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