In a medium mixing bowl, beat heavy whipping cream and sugar with a mixer on medium-high speed until medium peaks form, about 3-4 minutes.
In a separate bowl, whip cream cheese, powdered sugar, and vanilla together until smooth.
Add pink lemonade and mix.
Combine whipping cream and cream cheese mixtures. Beat until uniform throughout.
Separate dip into four smaller bowls, adding five drops of food coloring to each (I used red, green, blue and yellow).
Stir until colors are uniform and mixed well.
Transfer the four containers of dip to a larger serving bowl.
Use a toothpick to swirl the colors together.
Add some sprinkles and enjoy with an assortment of fruit and/or cookies.