Melt margarine in large saucepan over low heat. Add marshmallows and stir until completely melted. Remove from heat
Add Kellogg's(R) Rice Krispies(R) cereal. Stir until well coated.
Divide warm mixture in half and shape each portion into 12-inch candy cane. Wrap red licorice around canes for stripes and secure with frosting. Cut each candy cane into 6 slices. Best if served the same day.