Remove the cookie dough from the refrigerator, letting it come to room temperature.
Once it's softened, place one of the rolls of cookie dough in a large mixing bowl.
Add a half teaspoon of red food dye to the cookie dough.
Use a hand mixer to mix the color thoroughly. You can adjust the color by adding more dye until you have the color you want.
Lay out a piece of parchment paper and place a roll of cookie dough on top. Sprinkle the dough lightly with flour so the dough doesn't stick. Cover the dough with another piece of parchment and roll the dough until it's around a half inch thick.
Repeat the same process with the red cookie dough.
Peel back the top piece of parchment paper on both logs of rolled cookie dough. Place the plain log on top of the pink dough. Start at one end, using the parchment paper to guide the dough as you roll it.
Refrigerate the roll of dough for about 30 minutes so it's easier to work with in the next step.
Using a large baking sheet with an edge, spread the sprinkles out as evenly as possible.
Place the cookie dough on the baking sheet and roll it over the sprinkles, covering the outside of the dough.
Wrap the dough in parchment or plastic wrap and place it in the refrigerator for 3 to 4 hours or overnight.
Just before removing the cookie dough from the fridge, preheat the oven to 350º.
Slice the roll of cookie dough into ¼ inches slices.
Place the pinwheel cookies about two inches apart on an ungreased cookie sheet.
Bake the cookies for about 12 minutes or until the edges/cookies are light golden brown. If you touch the cookie in the center, it should not leave an imprint. If it does, they need another minute or two.
Once you've taken the cookies out of the oven, let them cool for 5 minutes on the cookie sheet before moving to a wire rack.
Fully cool on a wire rack.