First pour about half of the cereal into a bowl and set aside.
Then place the caramel bits, butter, and the condensed milk into microwave safe bowl. Microwave for 30 seconds, take out and stir. Continue to do this for about 3 minutes or until everything is melted and incorporated.
Next place a marshmallow on the wooden skewer and dip into the caramel mixture. You will want to tap off the excess.
Place caramel marshmallow into the bowl of rice krispies and roll. Pull out the skewer and make sure the entire marshmallow is covered in rice krispie cereal.
Finally put on a parchment lined cookie sheet. Let set for about 45 minutes to harden.