In the top of a double boiler, combine milk, butter & caramels. Heat over boiling water, stirring until smooth. Remove from the heat
With a fork, dip marshmallows into hot mixture, then roll in cereal.
Place on a foil-lined pan. Chill for 30 minutes
Remove from pan and store in airtight container in refrigerator
Recipe submitted by Luella on 12/8/97