Microwave butter in large microwaveable bowl on HIGH 30 sec. or until melted. Add marshmallows; toss to coat. Microwave 1 min. or until marshmallows are completely melted and mixture is well blended, stirring after 45 sec. Stir in cereal.
Place on wax paper-lined tray; shape into necktie-shape with moistened or greased hands.
Use remaining ingredients to make striped design on tie. Cool.