Take out your 8×8-inch baking pan and line it with parchment paper. Let the paper hang over the sides - this will help you lift the fudge out later. Spray the paper lightly with cooking spray.
Get your saucepan and put it on the stove over low heat. Add your white chocolate chips, semi-sweet chocolate chips, sweetened condensed milk, and melted butter. Keep stirring until everything is melted and smooth. Don't rush this part - keep the heat low and stir constantly so the chocolate doesn't burn.
Once everything is melted, take the pan off the heat. Add your vanilla extract, cocoa powder, red food coloring, and salt. Stir well until the color is even and there are no streaks. If you want the color darker, add a bit more red food coloring.
Pour your mixture into your lined pan. Use your spatula to spread it evenly and smooth out the top. Tap the pan gently on the counter a few times to get rid of any air bubbles.
Now for the pretty part: melt your extra white chocolate chips in the microwave in 30-second bursts, stirring in between, until smooth. Drizzle this over your red fudge. Take a toothpick or the tip of a knife and gently swirl the white chocolate to make a pretty pattern.
Put the pan in the refrigerator and let it chill for at least 2 hours. The fudge needs to be completely firm before you cut it.
When it's firm, lift the fudge out of the pan using the parchment paper. Use a sharp knife to cut it into squares. For clean cuts, run your knife under hot water and dry it between cuts.
Store your fudge in an airtight container. Keep it in the fridge if your kitchen is warm, or leave it at room temperature if your house is cool. It'll stay good for about a week - if it lasts that long!