Line baking sheet with wax paper and set aside.
In large sauce pan, over medium heat, melt butter and marshmallows. Stir continuously until marshmallows are melted and combined with the butter.
Add vanilla and green food coloring. Stir to combine.
Pour in corn flakes and fold into marshmallow mixture until cornflakes are completely covered.
Take a spoon and make a ball with the cornflake mixture. Place it on the cookie sheet, using your fingers, press down and creating a hole in the middle, forming a "wreath." Place two to three red hots on and gently press in. (TIP: put vegetable shortening on your hands to keep the cornflake mixture from sticking.)
Repeat until all the cornflakes are used.
Leave wreaths on cookie sheet until set, about an hour.