In a medium saucepan, melt butter and honey (or corn syrup) over medium heat, stirring constantly until smooth and bubbly, about 3-5 minutes. Remove from heat and stir in vanilla extract.

In a large bowl, pour the melted butter mixture over cornflakes. Gently fold the cornflakes into the syrup until evenly coated, about 2 minutes.

Using a heaping tablespoon of the mixture, shape it into a wreath by pressing it into a ring on a parchment-lined baking sheet. Space them an inch apart and aim for 3-4 inches in diameter, this takes about 10 minutes.

While still sticky, sprinkle mini M&Ms or festive sprinkles on top, pressing them lightly into the mixture.

Allow the wreaths to set at room temperature for about 30 minutes. Transfer them to an airtight container. They can be stored at room temperature for up to 3 days or refrigerated for a week.