1. Line a 13 x 9-inch pan with foil, letting foil hang over 2 opposite sides of pan, then spray bottom and sides of foil with cooking spray. Reserve 16 marshmallows. In 2 1/2-quart nonstick saucepan, heat the remaining marshmallows, the butter, peanut butter and baking chips over medium-low heat, stirring frequently, until the butter and marshmallows are melted and the mixture is smooth.
2. Place cereal in a large bowl and pour the marshmallow mixture over cereal. Spray a wooden spoon or rubber spatula with cooking spray and use to stir marshmallow mixture into cereal. Spread and pat cereal mixture in pan, using the sprayed utensil. (Or spray hands and pat mixture into pan. The mixture will be quite sticky until set.) Let stand 10 minutes.
3. Remove the cereal mixture from the pan by lifting with foil and then peel back the foil. Using a large sharp knife, cut the mixture in half lengthwise into 2 rectangles. To mark 1 rectangle for cutting, place toothpick at each end of one long side; add 3 toothpicks to same side, about every 3 inches, dividing into fourths. On other long side, place toothpick 1 1/2 inches from each end; add 3 toothpicks to same side, about every 3 inches, dividing into thirds. Cut diagonally across rectangle from toothpick to toothpick, forming triangles. Press together 2 end pieces to form eighth triangle. Repeat with remaining rectangle.
4. For each cookie, spread the frosting from top point to cover top 1/3 of triangle. Place 1 marshmallow at point. Sprinkle red sugar over frosting to create the hat. Spread some frosting over the lower 1/3 of cookie to create the beard. Add one of the cut-in-half gumdrop pieces at top center of beard for mouth. Add 3 dots of icing to face area for attaching blue bits for eyes and red bit for nose. Let stand for 10 minutes until frosting is set.
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