In large saucepan melt butter over medium-low heat. Add marshmallows and stir until completely melted. Remove from heat.
Add rice krispie cereal. Stir until the cereal mixture is well combined.
Divide into two separate bowls. Add red food coloring to one and green food coloring to the other. Mix until the color is uniform in each bowl.
Spread alternating layers of the colorful rice krispie mixture into a greased 9 x 9 inch baking dish.
Add green food coloring to the frosting and mix until uniform.
Spread frosting over the top of the rice krispie mixture, top with sprinkles and red candy hearts.
Allow to completely cool before cutting into bars.