Line a 8-inch square pan with parchment paper.

Remove the top from one can of sweetened condensed milk and stir in the pink food coloring until the milk is bright pink in color.

Pour the pink condensed milk into a medium saucepan, with the white chocolate chips and butter. Cook over medium heat, stirring frequently, until melted and smooth.

Scoop the pink fudge mixture into the prepared pan and spread with a spatula to cover the bottom of the pan evenly. Allow to harden completely before making the red layers.

Remove the hardened sheet of pink fudge from the pan and peel off the parchment paper. Set aside. Place a new piece of parchment paper in the bottom of the empty pan.

Remove the top from the second can of sweetened condensed milk and stir in the red food coloring, until the milk is a bright red color. Pour the red colored condensed milk into the washed saucepan along with white chocolate chips and butter. Heat over medium or medium low until melted and smooth. Stir often.

Pour half of the red fudge mixture into the bottom of the prepared baking dish. Take the block of pink fudge and place on top of the red layer. Gently press down to push out any air pockets, but not so much that the red fudge squirts out the sides.

Pour the remaining red fudge mixture on top of the pink layer and spread with a spatula as needed. If using sprinkles, add them now to the top of the fudge, while it's still wet. Cover the dish with foil or a lid and place the pan in the fridge until it’s completely hardened.

When you’re ready to serve or store, use the parchment paper to pop the fudge out of the pan and then a sharp knife to cut into squares.