Cut cereal mixture into desired shapes with cookie cutters (ideas for shapes include star, moon, clover, horseshoe, balloon, heart and diamond). Roll remaining cereal mixture into about 1 1/2-inch balls. Store covered in refrigerator up to 3 days.
Range-Top Directions: Heat all ingredients except cereal in 3-quart or larger saucepan over medium heat, stirring constantly, until melted; remove from heat. Continue as directed.