Line a 9x13 pan with foil lined parchment paper. Generously grease the parchment paper with butter.
Place the marshmallows and butter in a large saucepan. Heat and stir over medium heat until melted. Stir in the Rice Krispies until coated.
Spoon the mixture into the prepared pan. Use another piece of parchment paper to press the mixture evenly and firmly into the bottom of the pan. You can also butter your hands and press it this way as well.
Place the peppermint marshmallows and butter in another large saucepan. Heat and stir over medium heat until melted. Add a little bit of the red gel food coloring to boost the red color, if desired.
Stir in the Rice Krispies and peppermint chips until melted and coated.
Spoon the mixture evenly over the regular layer in the pan. Gently press and spread until it is completely covering the vanilla layer. Press down firmly using parchment paper or buttered hands. Let it cool for 5 minutes.