Line a baking sheet with wax paper.
Slightly flatten each marshmallow by pressing down on them – this step is optional but I like to do it to make the marshmallow slightly larger.
Insert one toothpick through two marshmallows. Be sure to have a small portion of the toothpick sticking out from the top.
Insert one miniature peanut butter cup through the tip of the exposed toothpick.
In a microwave safe bowl, microwave orange candy melts in 30 second intervals, mixing between each interval.
Pour orange candy melt in a frosting bag with Wilton tip #5 attached. Frost a “carrot nose” on each marshmallow.
Microwave brown candy melts in a separate bowl (in 30 second intervals as well). Pour into a frosting bag with Wilton tip #3 attached.
Pipe out eyes and buttons on each marshmallow treat. Serve in a large cup of hot cocoa and enjoy!