Line a 9x13 inch baking dish with parchment paper and lightly spray with cooking spray.
Drain and chop the maraschino cherries, then place them on paper towels to absorb excess moisture. Pat gently to dry further.
In a large pot over low heat, melt the butter completely.
Add mini marshmallows to the melted butter and stir constantly until completely melted and smooth.
Remove from heat and quickly stir in vanilla extract and food coloring if using.
Fold in the chopped cherries, distributing them evenly throughout the marshmallow mixture.
Add the Rice Krispies cereal and fold gently until completely coated.
Transfer the mixture to your prepared pan and press down gently with slightly damp hands or a piece of parchment paper.
For the chocolate topping, melt chocolate chips and butter in a microwave-safe bowl in 30-second intervals, stirring between each until smooth. Pour over the Rice Krispies treats and spread into an even layer.
Melt white chocolate chips in the same manner, then drizzle over the chocolate layer.
Allow the treats to cool completely before cutting into squares. For the cleanest cuts, refrigerate for 30 minutes after the chocolate has set at room temperature