In large bowl, beat butter with electric mixer on medium speed until light and fluffy. Add vanilla; mix well. Gradually beat in confectioners’ sugar, beating until well blended after each addition, frequently scraping sides and bottom of bowl. Beat in marshmallow creme until well blended. In small bowl, stir food color into milk until dissolved. Add colored milk to frosting; beat until light and fluffy. Stir in additional milk, as needed, to reach desired consistency.