For the whipped cream: Whip the cream and cream cheese until soft peaks form. Fold in the marshmallow creme and vanilla.
For the hot chocolate: Bring the milk to a simmer in a small pot. Add the chocolate and cocoa powder and cook, stirring, until smooth. Add the food coloring and vanilla and mix until combined. Whisk the mixture until very frothy. Pour into cups and top with large dollops of marshmallow whipped cream.