Pour in one can of sweetened condensed milk and thoroughly combine (you will have about two cups of liquid at this point). Add 1 1/2 cup marshmallow vodka and a half cup of cold water. (To make stronger shots, you can use up to two cups of vodka and omit the additional water.) To make non-alcoholic peeps, just substitute (more) cold water for the vodka.
Pour one cup of the mixture into each pan. Using food coloring, add enough to achieve the desired color.For the pastel pink, I used two drops of neon pink food coloring. For the lavender, I used two drops of neon purple food coloring. For the blue, I used two drops of neon blue food coloring. For the yellow, I just used regular yellow food coloring (about 6 drops). Stir to thoroughly dye each pan. Refrigerate for at least four hours or overnight.