In a medium saucepan, melt butter over low heat. Add marshmallows; stir often until melted. Add food coloring gel bit by bit until you reach the desired color intensity. Pour over cornflakes in bowl. Stir until cornflakes are well coated.
Using buttered fingers or spoons, drop cornflake mixture onto parchment paper-lined cookie sheets. Use wooden spoon handle or fingers to create a hole in the middle and shape into a wreath. Immediately add cinnamon candies for decoration.