Line 13×9-inch pan with foil, with ends of foil extending over sides of pan. Lightly grease foil.
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. Add cereal; mix well. Press firmly into prepared pan. Cool.
Lift cereal mixture from pan, using foil handles. Cut cereal mixture into 24 squares. Cut fruit rolls lengthwise in half, then use to wrap around cereal squares and make bows as desired, cutting into shorter lengths as necessary. Makes 2 dozen.