Microwave first 3 ingredients in a 6-quart microwave-safe bowl at HIGH 3 to 3 1/2 minutes or until melted, stirring after 2 minutes. Stir in cereal; press into a lightly greased 15- x 10-inch jellyroll pan.
Place an 8-inch star-shaped cutter on warm mixture, and cut with a knife around edges of cutter. Repeat procedure. Remove trimmings, and press together into same thickness; repeat procedure, cutting stars and reshaping remaining mixture. Cool stars on wire racks at least 1 hour.
Insert a dowel into each star between 2 points. Decorate as desired, tying ribbons around dowels.