01 -
Combine caramels, sweetened condensed milk, and butter in a medium saucepan. Stir over medium heat until completely smooth and creamy, about 8 to 10 minutes.
02 -
Pour cereal into a wide shallow bowl. Line a baking sheet with parchment paper. Set out a skewer or fork for dipping.
03 -
Pierce a marshmallow with the skewer, dip into the warm caramel, and let excess drip off. Work in batches so the caramel stays warm.
04 -
Transfer the coated marshmallow to the cereal bowl and press cereal all over the sticky surface. Place on the prepared sheet.
05 -
Remove the skewer and pinch cereal to seal the hole. Let set at room temperature for about 30 minutes until the caramel firms up.