Combine milk and sugar in a large sauce pan.
Place over medium heat until milk begins to simmer.
Stir to combine, until sugar is dissolved.
Simmer for about 4 minutes.
Add the chocolate chips and red food coloring and stir until combined and the chocolate chips are completely melted.
Remove from heat and add the vanilla and red velvet syrup. Stir to combine.
Pour into (2) 8 oz. mugs or cups. Top with optional Reddi-Whip topping and/or sprinkles.
Serve hot or warm.