Place an 28X18 inch piece of foil on a heat proof surface. Coat with a cooking spray - set aside.
In a heavy 12 inch fry pan, over medium heat cook margarine, brown sugar, corn syrup and molasses, stirring constantly, until the mixture starts to boil over entire surface. Cook and stir about 6 minutes longer.
Carefully stir in vanilla and butter flavoring. Remove from heat and add corn pops cereal and quickly and carefully stir to coat cereal. Spread the mixture thinly on prepared foil.
Seperate cereal into clumps as it cools. Store in an airtight container.