Melt butter in Dutch oven over medium-low heat. Add marshmallows; cook until marshmallows are melted, stirring frequently. Stir in cereal until well coated. Cool 5 minutes.
Meanwhile, line large cookie sheet with waxed paper; spray paper with nonstick cooking spray. Spray inside of 5 to 6-inch open bear cookie cutter. Place sprayed cookie cutter on sprayed waxed paper. Generously butter or spray hands and fingers.
Press cereal mixture into cookie cutter, packing tightly. Remove cookie cutter; place in different spot on waxed paper. Continue forming bears until all mixture is used. If necessary, respray cookie cutter.
Place chocolate chips in small microwave-safe bowl. Microwave on HIGH for 30 seconds; stir until melted and smooth. If necessary, microwave an additional 20 seconds. Attach candy heart to each bear with small amount of melted chocolate.
With melted chocolate, attach red baking bits for noses, blue baking bits for eyes and green baking bits for buttons. Cut strips of chewy fruit snack rolls and tie around neck of each bear. Let stand 30 minutes to set. Wrap each bear in plastic wrap; tie ribbon around neck.