In a small saucepan combine the milk, vanilla, white chocolate, and pink food coloring. Bring to a simmer over medium high heat, stirring frequently, until the chocolate has melted. Remove from heat.
Spread the blue icing on the rim of the mug. Pour colored sprinkles into a dish and roll the rim of the mug in the sprinkles.
Carefully pour the pink hot chocolate into the mug.
Top with mounds of whipped cream, a handful of mini marshmallows, and then drizzle with the blue icing.
Serve immediately.