Preheat oven to 375°. Cream butter and cream cheese. Add sugar; beat until light and fluffy. Stir in vanilla. Gradually beat in flour.
Using a cookie press fitted with a star piping tip, shape dough into 2-½-in. wreaths 1 in. apart on ungreased baking sheets. Bake until set (do not brown), 8-10 minutes. Cool on wire racks.
Decorate with green cherry pieces for leaves and Red Hots for berries. Use red decorating icing to form bows and adhere candy to wreaths.
