10 honey graham crackers, broken in half (20 squares)
2 chewy fruit snack rolls, any color
20 yogurt-covered raisins
Microwave butter in large microwaveable bowl on HIGH 45 sec. or until melted. Add marshmallows; toss to coat. Microwave 1-1/2 min. or until marshmallows are completely melted and mixture is well blended, stirring after 45 sec. Stir in cereal.
Press cereal mixture firmly into 20 lightly greased medium muffin pans, adding about 1/3 cup of the cereal mixture to each cup; cool completely. Remove from pans, placing large ends down on large platter. Top each with 1 graham square to resemble graduation cap, securing each with dab of peanut butter.
Cut each fruit snack roll into 10 (3-inch-long) pieces. Cut several 3/4-inch-long slits in one end of each piece to resemble fringe. Tightly roll up each piece lengthwise to resemble tassel. Place one on top of each graham square; secure with peanut butter. Top center of each hat with raisin, securing with some of the remaining peanut butter.