Add the cream cheese to a medium mixing bowl and beat with a hand or stand mixer for 1 to 2 minutes, until smooth.

Add the marshmallow creme, whipped topping, and vanilla extract. Mix until fully combined and fluffy.

Add red gel food coloring in a zigzag motion, starting with a small amount and mixing. Continue adding until the desired pink color is reached.

Fold in 1 cup of the chocolate chips using a rubber spatula.

Transfer the dip to a serving bowl and top with the remaining chocolate chips and sprinkles.