Put ice cream, milk, butter extract, and vanilla extract in a blender and blend until mixture is smooth, but still thick.
Divide milkshake mixture into 3 separate bowls.
Stir yellow food coloring into one bowl and stir orange food coloring into another bowl. Leave the third bowl white.
Spoon the yellow mixture into your glass, smooth the top, and put the glass in the freezer for 15 minutes.
Spoon the orange layer over the yellow layer, smooth the top, and put the glass back in the freezer for 15 minutes.
Spoon the white layer on top of the orange layer and top with whipped cream, sprinkles, etc.