Heat oven to 350°F. Cut cookie dough in half. Work with 1 half of cookie dough at a time; refrigerate remaining dough until ready to use.
Cut 1 half of dough into 12 slices. For each cookie, cut off one-third of 1 slice of dough. Place larger piece of dough lengthwise on ungreased cookie sheet. Place smaller piece of dough slightly at an angle next to larger piece, pressing dough into 4-inch mitten shape. Place cookies 1 inch apart on cookie sheet. Repeat with remaining half of dough.
Bake 7 to 10 minutes or until light golden brown and set. Cool 2 minutes; remove from cookie sheets to cooling rack. Cool completely, about 10 minutes.
In small bowl, place 2 cups of the frosting. Stir in red icing color until well blended. Frost mittens with red frosting.
Place remaining 1/2 cup frosting in small resealable food-storage plastic bag; seal bag. Cut 1/8-inch hole in bottom corner of bag. Pipe white frosting at bottom of each mitten. Sprinkle each with 1/4 teaspoon candy sprinkles. Let stand until frosting is set, about 30 minutes. Store between sheets of waxed paper in tightly covered container.