1Place sheet of waxed paper on work surface. In 2-quart saucepan, heat butter and marshmallows over low heat, stirring constantly, until mixture is smooth. Remove from heat. Stir in both food colors until mixture is orange. Stir in cereal until evenly coated.
2Lightly spray hands with cooking spray. For each pumpkin, shape about 1/3 cup cereal mixture into a ball. Press 1 cashew into top center of ball for stem. Place balls on waxed paper. Cool completely, about 15 minutes.
3Attach raisins and candies with decorating icing to make faces on pumpkins. Store in loosely covered container.