Place the cream cheese and sugar in a bowl. Mix together until smooth, adding the cream (or milk) in small increments at a time until you reach a soft icing consistency.
Add the cotton candy flavoring and mix well.
Separate the mixture into three bowls and put 1 – 2 drops of each color into separate bowls. The third bowl will stay white.
Divide the Cool Whip evenly into the bowls, and fold gently until mixed in and distributed throughout.
Use piping bags or sandwich bags with the corners snipped, pipe the cream cheese mixture into the glasses in layers.
Keep in the fridge until ready to serve. Before serving, garnish with tufts of cotton candy.
Notes
Milk can be substituted for the heavy cream. The only difference is the dessert will be thinner.You can match the food coloring to the colors of cotton candy, but you don't have to. You can color the mixture pink and use blue cotton candy, or something similar. The color combinations are up to you!