Insert a lollipop stick into each of the marshmallows stopping about 1/8 inch under the top of the marshmallow. Set aside.
Put each of the topping ingredients into a separate small bowl. Lay out 2 sheets of wax paper on a large platter or two large plates. Set aside.
In separate bowls, melt the candy coating in a microwave on 30 second bursts making sure to stir between each 30 seconds.
Roll the sides of one marshmallow in either the vanilla or chocolate candy coating. Have a small spoon handy to smooth out the coating on the marshmallow if it's too thick in a particular area.
Next, dip the top side of the coated marshmallow in the candy coating. If you would like a multi-colored coating, use a spoon to drizzle the opposite color coating over the fully coated marshmallow (if you have multi-color coated marshmallows you may want to put the candy topping on just the top of the marshmallow so the multi-colored drizzles show up nicely on the sides).
As soon as possible, while the candy coating is still warm on the marshmallow, dip the sides and top of the coated marshmallow into any one or more of the toppings.
Then lay the candy coated marshmallow top side down on to the wax paper and let cool. Repeat the steps above for the remaining marshmallows (one marshmallow at a time so that coating will be warm enough for the toppings to stick).