Prepare an 8x8 square pan by lining it with parchment paper or foil that’s been spray with non-stick spray.
Add half of the white chocolate chips to a microwave safe bowl along with half of the sweetened condensed milk and half of the butter.
Microwave in 20 second bursts, stirring each time, until the chocolate is melted. This should take less than 2 minutes. Do not overcook.
Add 8 drops of food coloring and stir until combined and smooth.
Pour the fudge mixture into the prepared pan and smooth the top with a spoon or offset spatula. Place in the freezer while you work on the next layer.
Add the remaining white chocolate chips, sweetened condensed milk, and butter to a microwave safe bowl.
Microwave in 20 second bursts, stirring each time, until the chocolate is melted.
Stir well until smooth.
Pour the white fudge over the pink fudge and gently smooth the top with a spoon or offset spatula.
Add a few drops of pink or red gel icing on top of the fudge, placing them evenly around the top. Use a toothpick to swirl it into the white chocolate, making pretty swirls along the top.
Shake the sprinkles over the top evenly.
Cover with plastic wrap and refrigerate for at least 2 hours before removing from the pan, slicing into 16 pieces, and serving.