In a large microwave-safe bowl, melt butter on high for about 30 seconds. Add marshmallows; stir to coat. Microwave on high 30-40 seconds longer or until smooth. Stir in peanut butter. Immediately add cereal; stir gently until coated. Press into a greased 13-in. x 9-in. pan.
In a small microwave-safe bowl, heat chocolate chips and shortening on 70% power for 45 seconds. Heat in 10 to 20 second intervals until melted; stir until smooth. Spread over cereal mixture. Cool completely.
Cut into 2-1/2-in. x 2-in. triangles, with a thin base on bottom of triangle for hat brim. Decorate with frosting, jimmies for the buckle and licorice for the brim.