OK, I like your scenarios.
My POD is declaration of war by the United Kingdom and France to Soviet Union after the attack on Poland. This declaration only fueled Stalin's paranoia, and Hitler saw a great opportunity to use Stalin in the struggle with the West. In November 1939 the Winter War begins. France and UK are sending help to Finland via Sweden. Stalin sends even more raw Materials and oil to Hitler. In the early 1940 Soviet troops occupied and annexed the Baltic states. In January 1940, Finland signed peace treaty with Soviets with OTL conditions.
USSR terminates diplomatic relations with the United Kingdom and France. Hitler seeks for allies in Europe. Along with Italy, he found himself an ideal ally in Hungary. Romania refuses to give part of the transylvania to Hungary. Hitler declared Romania as enemy from WW1, and artifical country. New, expanded Ribbentrop-Molotov pact includes the division of Romania. Soviets took Bessarabia, Hungary return borders from days of dual monarchy, and the rest of Romania was the German satellite ruled by the Iron Guard. Monarchy is abolished and State of Romania is set up. Michael I flees to London.
In mid-1940, France and Britain launched Operation Pike. Furious Stalin orded bombardment of the bases in Turkey, Iraq and Iran, sending the Red Army to northern Iran. The Anglo-Soviet war begins. In the coming months, the Soviets succeed in occupying most of Northern Iran and part of Eastern Turkey. Turkey declared war to the Soviets.
Germany attacks France as a reality. France is defeated even faster than in OTL, humiliated and and British forces remain trapped in Dunkirk. Hitler publicly offers peace to Britain. Churchill refuse peace proporsal. Angry Hitler orders the destruction and capture of the BEF. After hours of bitter fight, and without any hope of succesful evacuation, British forces surrended to Wehrmacht forces. Churchill, under pressure from the defeat in Iran and 250,000 captured British soldiers by Wehrmacht, begins negotiations with Germany. In a peace agreement with Germany, Britain is forced to recognize German domination over Europe and puppet governments, while Germany will not ask any of British colonies. Most governments in exile escaped to US, Canada and Africa. De Gaulle escaped in Algeria where he declares Free France. In addressing Parliament, Churchill promises that it is not the end, and that this is only a temporary armistice with Germany. British soldiers are returning to their homes, humiliated, angry and ready to fight next round when the time comes. British are at war with Japan, but Hitler doesn't care about it.
In meanwhile, US is still out of war, trading only for hard cash.
At the end of 1940, a treaty with the Soviet Union was signed. The United Kingdom and the Soviet Union have renewed diplomatic ties, restoring status bellum ante quo.
Mussolini is angry because Hitler did not protect Italian interests in negotiations with the British. After the Italian catastrophe in Greece, Hitler offered him an eastern Mediterranean at most. Mussolini offers to Serbian politicians a breakup of Yugoslavia. Milan Stojadinović, pre-war prime minister of the Kingdom of Yugoslavia, and a politician who established good relations with Italy and Germany before the war returns to the state. Hitler wants to get solve Balkans as soon as possible, so that he can fully concetrate himself to attacking the Soviet Union. In January 1941, Vienna's treaties were signed. Yugoslavia no longer exists, Italy took most of Dalmatia and part of the country with the Catholic majority, Slovenia is given to Germany, and Prekmurje and Međimurje to Hungary. Kingdom of Serbia was proclaimed and she took half of Albania and receive rights of use of the harbor in Thessaloniki. There is no satellite Croatian state. Greece is occupied, and Bulgaria has been awarded with South Dobruja and Thrace.
Without African front, and invasion of Yugoslavia, Barbarossa was launched in early May 1941.
To be continued...