Place marshmallows and butter into a large microwave safe bowl. Heat in the microwave for 30 second increments until marshmallows and butter have melted. Stir in desired food coloring and mix well before adding in cereal. Stir until cereal is well coated, then form into balls and place on a cookie sheet to cool. Once set, melt white chocolate chips and use the melted white chocolate to stick the eyeball sprinkles onto the cereal treats. Let dry for an additional 5-10 minutes.