Line a small baking sheet (that will fit in your freezer) with parchment paper.

In a medium-sized mixing bowl, add butter and sugars. Cream together using an electric hand mixer. Add milk and vanilla extract and mix thoroughly. Add flour, cocoa powder and salt and mix to combine with a rubber spatula. Add 1 teaspoon of red food coloring and mix until the color is incorporated. Add another 1/2 teaspoon if needed and mix to incorporate. Stir in white chocolate chips and stir to combine.

Using a small cookie scoop (2 teaspoons), scoop rounded balls and place into your hands to form rounded balls, about 1 inch in diameter. Place them on the baking sheet you prepped earlier. Freeze for at least 15 minutes. If you freeze them overnight, place the baking sheet on the counter for at least 15 to minutes (so they don't crack).

Prepare another baking sheet with parchment paper, this time a large one. Place cocoa candy coating into a glass microwave safe bowl and heat on 50% power in 30 second increments until melted. Stir with a spoon in between heating. Add 1/2 teaspoon vegetable oil and stir. Place one red velvet cookie dough ball on the end of a fork and use a spoon to pour the melted chocolate over it. Tap the fork against the top of the bowl. Transfer to the baking sheet by using another fork or butter knife. Add sprinkles or decorations. Repeat with white candy coating if you're doing a mix of colors.

Refrigerate the truffles and they keep up to a week. Put them into mini cupcake liners and put them into a box for a gift or put them on a platter at your holiday party and watch them go! These truffles also freeze well too! Freeze them after dipping them in the chocolate candy coating in a plastic zippered bag. Be sure to let them sit on the counter for at least 15 to 20 minutes before serving.