In small bowl stir together water and green food coloring. Add coconut. Stir until coconut is tinted. Spread on baking sheet to dry.
In large saucepan melt butter over low heat. Add marshmallows and stir until completely melted. Remove from heat.
Add cereal. Stir until well coated.
Divide warm mixture into sixteen 2 1/2-inch muffin-pan cups coated with cooking spray. Shape mixture into individual cups. Cool. Remove from pans.
Fill cooled nests with coconut, marshmallows, jelly beans or chocolate eggs. Best if served the same day.
MICROWAVE DIRECTIONS: Follow step 1 above. In microwave-safe bowl heat butter and marshmallows on HIGH for 3 minutes, stirring after 2 minutes. Stir until smooth. Follow steps 3 thru 5 above. Microwave cooking times may vary.
Note: For best results, use fresh marshmallows. Store no more than two days at room temperature in airtight container. To freeze unfilled cups, place in single layer on wax paper in airtight container. Freeze for up to 6 weeks. Let stand at room temperature for 15 minutes before filling.