Several days in advance, tint 16 oz. fondant red. Roll out white fondant 1/8 in. thick; cut out star with large nesting star cutter. Roll out red fondant 1/8 in. thick; cut out message for white star; attach with damp brush. Allow to dry on cornstarch dusted cake board. Cut out red stars with smallest nesting star cutter; allow to dry completely. Cut 1/4 in. wide strips of red fondant; tie into bows and allow to dry on cornstarch dusted cake board.
Attach lollipop sticks to back of dried message star and small red stars with royal icing. Allow to dry.
Roll out remaining red fondant 1/8 in. thick. Brush cake base with piping gel; cover with fondant. Allow to dry.
Bake and cool 2-layer 6 in. round cake. Stack cooled cake layers on foil-covered cake board. Prepare for fondant by lightly icing with buttercream. Tint 18 oz. white fondant yellow; roll out 1/8 in. thick. Cover cake with yellow fondant; smooth.
Roll out remaining white fondant 1/4 in. thick. Cut a 19 x 5 in. strip. Place diagonally on fondant imprint mat; roll across fondant once. Trim strip to fit height of cake; attach to sides of cake with damp brush or fondant adhesive. Combine Pearl Dust with vanilla; brush into imprinted design on fondant. Insert stars on sticks into cake, trimming sticks as needed.