Heat oven to 350°F. Remove half of cookie dough from wrapper; refrigerate remaining dough until needed. Cut dough into 12 slices, 1/4 inch thick. On floured work surface, roll each into 6-inch long rope. On ungreased cookie sheet, form into wreath shapes 2 inches apart; pinch ends of each wreath together.
Bake 9 to 12 minutes or until edges are light golden brown. Cool 1 minute. Remove from cookie sheet to cooling rack. Cool completely, about 15 minutes. Repeat with remaining half of cookie dough.
In medium bowl, mix frosting and food color until well blended. Frost tops of cookies. With decorating gel, form bow at top of each wreath. Sprinkle with candy decors.