Place butter and marshmallows in a large bowl bowl and heat on high in a microwave for 2 minutes. Remove, stir and heat for another 2 minutes. Take the bowl out of microwave and stir really well until marshmallows and butter are combined. Add food coloring and mix well. Add rice krispies to the bowl and stir to combine, working fast.
Mold mixture into a large square, about 9 X 13 X 1/2 inch thick, on a sheet of wax paper, let cool slightly and cut out heart shapes with a cookie cutter and set aside.
Melt candy coating in a small sauté pan according to package directions. Spread a thin coat of the candy coating on the top of the heart shapes, place in a wide flat bowl or on a plate and coat generously with candy sprinkles. Insert lollipop sticks in the bottom of each heart or serve on their own as cookies.