In medium microwavable bowl, microwave white vanilla baking chips uncovered on High about 2 minutes, stirring every 30 seconds, until chips can be stirred smooth. Divide among small bowls, and stir in food color(s) as desired. Dip top of each cookie wreath and cookie center into melted chips. Decorate with candy sprinkles as desired. Place on cooling rack until set, about 20 minutes. Store tightly covered.