Spray 12-cup muffin pan generously with no stick cooking spray. Set aside. Melt butter in large saucepan or Dutch oven on low heat. Add marshmallows and white chocolate; stir constantly until marshmallows and chocolate are melted. Remove from heat. Add vanilla and food color; mix well. Add rice cereal; stir until well coated.
Divide cereal mixture evenly among muffin cups. Press into bottoms and sides to form cups. Cool completely. Remove baskets from muffin pan. Fill with Easter candy as desired.