In a medium saucepan over medium heat, combine evaporated milk and whole milk. Stir gently and heat until steaming, about 5–7 minutes.

Once the milk is steaming, remove from heat and add white chocolate chips. Stir continuously until melted, creating a smooth base.

Gradually add red food coloring to the mixture and stir until the desired shade of pink is achieved.

Pour the Pink Hot Chocolate into mugs, and top with whipped cream and sprinkles if desired.