* The: This is a definite article, specifying a particular balloon.
* balloon: This is a noun, the subject of the sentence.
* floated: This is a verb, indicating the action of the balloon.
* over: This is a preposition, showing the relationship between the balloon and the treetops.
* the: This is another definite article, specifying the particular treetops.
* treetops: This is a noun, the object of the preposition "over."
Therefore, "over" in the sentence is a preposition.