Heat the milk in a medium saucepan over medium heat until it just begins to steam, about 3-4 minutes. Do not let it boil.
Add the white chocolate chips and whisk constantly until completely melted and the mixture is smooth, about 2-3 minutes.
Stir in the vanilla extract and pink gel food coloring, whisking until the color is evenly distributed.
Pour into mugs and top with whipped cream, mini marshmallows, and pink sprinkles. Serve immediately.