Heat the Milk: In a medium saucepan, combine the evaporated milk and whole milk. Heat over medium heat, stirring occasionally, until it just begins to simmer. Avoid letting it boil.
Melt the White Chocolate: Remove the saucepan from heat. Stir in the white chocolate chips until fully melted and the mixture is smooth and creamy.
Add Food Coloring: Add the red food coloring one drop at a time, stirring well after each drop, until the desired pink hue is achieved.
Serve & Garnish: Pour the pink hot chocolate into mugs. Top with whipped cream and sprinkles for a festive touch, if desired.