Add whipping cream and vanilla to a mixer and whisk on high speed until stiff peaks form, about 2-3 minutes.
2 cup heavy whipping cream, 1 tsp vanilla extract
Add sweetened condensed milk and continue to whisk for one more minute, scraping down sides of the bowl halfway through the mixing.
14 oz sweetened condensed milk
Divide mixture into separate bowls. Use a larger bowl to make more white ice cream and four smaller bowls for pink, orange, yellow, and blue.
Add food coloring to each small bowl and mix well. Add 2 tablespoons of rainbow jimmies to the white and 1 tablespoon of rainbow jimmies to each color. Mix Well.