Lay the pretzels on a parchment-lined baking sheet.

Place one Rolo on top of each pretzel.

Bake at 275°F for 3 to 4 minutes, until soft and glossy.

Press a mini M&M into the center of each softened Rolo.

Press two pretzel halves into the top for antlers.

Add two candy eyes and a red candy nose.

Let cool at room temperature until the caramel firms up, about 10 minutes.