Begin by adding 4 cups of vanilla ice cream, 4 tablespoons of softened cream cheese, and ¼ cup of milk into a blender. Blend on medium speed until the mixture is smooth and creamy, taking about 1-2 minutes.

Carefully divide the blended shake into two bowls. In one bowl, add red gel food coloring and mix thoroughly until you achieve a vibrant hue. In the second bowl, repeat this process with green gel food coloring.

Grab your festive glasses and rim them with vanilla frosting. Dip the frosted rim into a plate of colorful sprinkles, allowing the sprinkles to stick evenly.

Start pouring the red and green milkshake mixtures into each glass. Alternate between pouring a layer of the red shake followed by the green shake.

To finish off the shake, press additional sprinkles onto the sides of the glasses and top with whipped topping.