Cook corn syrup and sugar together in a large saucepan over medium heat, stirring to dissolve sugar.  Bring mixture to a boil.  Remove from heat.  Stir in peanut butter and food coloring; mix well.  Add cereal; stir until evenly coated.

Let mixture cool slightly.  Coat hands with butter or cooking spray.  Form mixture into 1 to 2-inch balls, then press to flateen, forming a disk.  Cut a circle out of the center using a paring knife or shot glass to create a wreath shape.  Place on waxed paper.

Melt green candy melts over low heat, stirring constantly.  Drizzle over each wreath and top with red nonpareils sprinkles in groups of 3 to resemble holly berries.  To make licorice bow:  tie each each 6-inch strand of licorice into a bow.  Trim the the ends as necessary.  Add licorice to wreath.  Cool for 15 minutes.