In a medium heavy saucepan melt chocolate over low heat until melted. Stir in corn syrup and food coloring just until combined (do not over-mix). Turn mixture onto a large sheet of waxed paper. Loosely cover and let stand at room temperature for 6 to 24 hours or until dry to the touch.
On a work surface dusted with powdered sugar gently knead clay 15 to 20 strokes or until smooth and pliable. While working with clay, dust surface with additional powdered sugar, if necessary to prevent sticking. (If clay is too stiff, warm in microwave on 100% power 10 to 15 seconds or until pliable. If clay is too soft, chill in refrigerator until easy to handle.)
Roll clay out in 1/4 cup batches to 1/16-inch thickness on the work surface. Use a pastry wheel or sharp knife to cut sheet into 1/2-inch thick ribbons. For each bow you will need four 6-inch, four 5-inch, and one 3-inch long ribbon. Create a figure 8 shape with all of the ribbons except the smallest one. Make a loop with the 3-inch ribbon, pressing to adhere. Stack the pieces on top of each other, rotating as necessary to create a bow.
Frost cupcakes with frosting. Top each with a bow.
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12 g fat
(4 g saturated fat,
2 g polyunsaturated fat,
2 g monounsaturated fat),
3 mg cholesterol,
211 mg sodium,
45 g carbohydrates,
0 g fiber,
35 g sugar,
2 g protein.