Line twelve 2 1/2-inch muffin-pan cups with paper or foil bake liners or place 12 silicone cupcake molds on baking sheet. Set aside.
With adult help, in large saucepan melt butter over low heat. Add marshmallows and stir until completely melted. Remove from heat. Stir in vanilla and strawberry extract.
Add KELLOGG'S(R) RICE KRISPIES(R) cereal. Stir until well coated
Evenly divide warm mixture into prepared cupcake molds. Using buttered hands, gently press into molds, leaving tops slightly rounded.
Decorate with frosting, sprinkles and/or candies. Serve immediately or store uncovered in refrigerator for up to 12 hours. Remove from refrigerator one hour before serving.