Heat oven to 350°F. Remove half of cookie dough from wrapper; refrigerate remaining dough until needed. Cut half of dough into 1/4-inch-thick slices; place 3 inches apart on ungreased cookie sheet.
With small (about 3/4-inch) cutter, cut out hole in center of each slice. Cut each cut-out hole in half, forming 2 small semicircles; place semicircles on dough ring to form bow. Repeat with remaining half of dough.
Bake 7 to 10 minutes or until light golden brown. Cool 2 minutes; remove from cookie sheet and place on wire racks. Cool completely, about 15 minutes.
Meanwhile, in small bowl, mix 3/4 cup of the frosting and enough green food color until desired green color. In another small bowl, mix remaining 1/2 cup frosting and enough red food color until desired pink color.
Frost cooled wreaths with green frosting; frost bows with pink frosting. Decorate with small candies.