Add cakes, cream cheese, milk and vanilla to a food processor or blender and purée until smooth.
Transfer a mixture to a large bowl and fold in the whipped topping
Place dip in serving bowl and refrigerate until serving
Just before serving, spray with glitter spray if you are using it - and garnish with the red and green sprinkles
Serve with the graham crackers, animal crackers, vanilla wafers, cookies, or fresh fruit for dipping