LINE 13x9-inch pan with foil, with ends of foil extending over sides of pan; lightly grease foil.
MICROWAVE butter in large microwavable bowl on HIGH 45 sec. or until melted. Add marshmallows; toss to coat. Microwave 1-1/2 min. or until marshmallows are completely melted, stirring after 45 sec. Add cereal; mix well. Press cereal mixture firmly onto bottom of prepared pan; cool.
REMOVE cereal mixture from pan, using foil handles. Cut into star shapes, using large star-shaped cookie cutter. Insert wooden stick into side of each star. Decorate with gels and sprinkles. Store in airtight container at room temperature.