Line a baking sheet with wax paper and apply a light, even coating of baking spray. This prevents the marshmallows from adhering to the surface during the setting process.

Place one lollipop or cake pop stick into each jumbo marshmallow. Set the marshmallows aside while preparing the caramel.

Prepare the caramel using your preferred method, such as a microwave caramel recipe, or melt store-bought caramel bits according to package instructions. If preparing caramel from scratch, combine butter, brown sugar, corn syrup, and sweetened condensed milk until fully melted and smooth.

Allow the melted caramel to cool for a short period. Caramel that is too hot may cause the marshmallows to melt or lose their shape.

Dip each marshmallow into the caramel until fully coated, using a spoon to ensure even coverage. Let excess caramel drip back into the bowl to achieve a uniform finish. Transfer coated marshmallows to the prepared baking sheet. Once all marshmallows are dipped, refrigerate for approximately 30 minutes or until firm.

While the caramel-coated marshmallows are setting, prepare any desired toppings such as crushed nuts, sprinkles, sea salt, or cookie crumbs.

Melt the chocolate wafers according to package instructions, stirring until smooth and glossy.

Dip each caramel-coated marshmallow into the melted chocolate. Use a spoon to assist with full and even coverage.

Allow the chocolate coating to set slightly, then immediately apply desired toppings. Depending on the topping, sprinkle or gently dip the marshmallow into the prepared topping bowl.

Place the fully coated marshmallows back onto the wax paper-lined baking sheet and refrigerate for at least 15 minutes, or until the chocolate has fully hardened. Store in an airtight container in the refrigerator.