Spray a 9”x13” baking dish with non-stick cooking spray and then line with parchment paper. Set aside.
Liberally butter a rubber spatula (including about 3 inches of the handle).
Melt butter in a large, non-stick pot or dutch oven, over low heat, stirring frequently.
Set aside one cup of marshmallows. Add in the remaining marshmallows and stir until coated with butter.
Continue melting the marshmallows over low heat, stirring frequently, until the marshmallows are melted.
Remove from heat and stir in the vanilla extract. Add the cereal and the reserved one cup of marshmallows to the pot and fold in just until coated. Don’t over mix or it will break down the cereal.
Transfer the mixture to the prepared baking dish and using a buttered spatula (or your fingers) lightly press the mixture into an even layer.
Let the rice krispie treats set up for 30 to 60 minutes at room temperature.
Use the parchment paper to lift the rice krispie treats out of the pan and cut into squares or rectangles using the Peeps as a size guide.
Separate the treats and drizzle with melted candy melts and colorful sprinkles. Immediately top with a Peeps, pressing in slightly so that as the candy sets up, the Peeps will adhere to the rice krispie treat.
