Add milk and chocolate chips to a small saucepan over low-medium heat. Heat for about 10 minutes, while whisking, until milk is hot (140-145 degrees) and chocolate has melted.
Remove saucepan from heat and stir in vanilla and red food coloring.
Pour espresso into a heat-proof mug or glass.
Pour hot red velvet chocolate milk over the espresso.
Top with cream cheese whipped cream and sprinkles, if desired.