Preheat oven to 375°F. In medium bowl, stir cookie mix, butter, egg and flour until soft dough forms. Shape dough into 24 (1½-inch) balls. Place 2 inches apart on ungreased cookie sheet. Bake 8 to 10 min. or until edges begin to brown. Cool 3 min.; use 1-inch round cookie cutter to cut out center of each cookie. Remove from cookie sheet. Cool completely, about 15 min. Microwave white vanilla baking chips uncovered on HIGH about 2 min., in medium microwavable bowl, 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 min. Store tightly covered.