1. Melt butter in a large saucepan or Dutch oven over medium heat. Add vanilla bean seeds and 4 cups marshmallows. Cook, stirring until marshmallows are melted, 1 to 2 minutes. Remove from heat; stir in cereal, vanilla extract, and remaining 1 cup marshmallows. Let stand until cool enough to handle, 15 to 20 minutes.
2. Line a baking sheet with parchment paper. Grease a 1/2 cup ice-cream scoop or measuring cup. Scoop and pack cereal mixture into 12 (2 1/2-inch) balls and place on prepared baking sheet to cool completely.
3. Microwave chocolate in a bowl 30 seconds; stir until melted. Place dulce de leche and milk in a second bowl. Microwave 30 seconds and whisk until smooth. Spoon a small amount of chocolate or dulce de leche on top of each ball, spreading gently to encourage drips to form. Decorate with sprinkles and cherries.
4. Fill cones with hard candies. Top cones with cereal balls, pressing gently to secure. Let stand 30 minutes or until set.
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