1In large bowl, stir Bisquick mix, granulated sugar, milk and eggs with whisk until well blended. Divide batter between 2 medium bowls; stir food color into 1 bowl.
2Heat griddle or skillet over medium-high heat (375°F). (To test griddle, sprinkle with a few drops of water. If bubbles jump around, heat is just right.) Brush with vegetable oil if necessary (or spray with cooking spray before heating).
3For each pancake, starting with the white batter, pour 1/4 cup batter onto hot griddle. Cook 2 to 3 minutes or until bubbles form on top and edges are dry. Turn; cook other side until golden brown. Repeat with red batter.
4Using 3- to 3 1/2-inch heart-shaped cookie cutter, cut one shape from each warm pancake. Place cutout shapes in opposite color pancakes. Decorate with powdered sugar and candy sprinkles.