To prepare the whipped cream, pour the heavy whipping cream into a large bowl and mix until it becomes partially solid. Add the vanilla extract, and then the powdered sugar, and continue mixing until light and fluffy. Cover and place in the refrigerator until ready to use.
Pour the milk into a saucepan set over medium-low heat. Simmer, stirring continually to prevent scorching, until heated through, approximately 5 minutes. Remove from heat and set aside.
Pour white chocolate chips into a medium microwave-safe bowl and heat in 20 second intervals, stirring between each one, until melted. Add the coconut oil and stir to combine.
Transfer the warm milk into the bowl with the white chocolate sauce and stir to combine. Set aside.
Pour the hot coffee into 16-oz. mugs and top each one off with the white chocolate milk mixture.
Remove the whipped cream from the refrigerator and add a big dollop to each mug or spoon into an icing bag fitted with a decorative tip to create an attractive swirl. Add sprinkles, if using, and serve immediately. Enjoy!
Tip: The addition of a little fat, such as melted butter or coconut oil, to the melted chocolate chips helps prevent clumping if the chocolate cools.