To make the homemade colored whipped cream, add the cream to a large bowl. Then, add as much food coloring as needed to reach your desired color.
Whip the cream, using a whisk or hand mixer, until it forms soft peaks. Then, add the powdered sugar and vanilla extract.
Continue to whip until it forms stiff peaks. Be careful not to over-whip it, or it will break and eventually turn into butter.
Next, to make the white hot chocolate, add the milk and white chocolate chips to a medium sized pot. Heat it over medium-low heat, and stir continuously until all of the white chocolate has melted. Do not let it simmer or boil.
Turn the heat off, then add a pinch of salt and vanilla (or any other flavorings you want). Pour it in a mug or mason jar, top with whipped cream and sprinkles (or any other toppings of choice), and ENJOY!