Whip the cream until soft peaks form. Stir the whipped cream into the cream cheese and mix gently until light.
Stir in the marshmallow creme and vanilla extract. Set aside until ready to use.
Make Hot Chocolate:
Bring the milk to a simmer in a saucepan. Stir in the chopped chocolate and cocoa powder. Whisk and cook until chocolate has melted and the mixture is smooth, about for 1~2 minutes. Taste and add sugar if needed.
Turn off the heat and add vanilla extract and red food coloring (optional).
Serve hot with the marshmallow whipped cream on top.
** This is not a very sweet drink, so make sure to taste and adjust the sweetness to your liking before serving.