In a small bowl, combine the red food coloring and strawberry extract and whisk until combined.
Line a 9 inch baking dish with parchment paper, set aside.
Using a 3 quart sauce pan, combine the sugar, butter and half and half into the sauce pan over medium heat.
Once the mixture is boiling, stir consistently and continue to cook for 3-4 minutes.
Remove from heat, add the chocolate chips and cover the pot.
Allow to sit for 2 minutes.
Whisk until smooth.
Mix in the mallow creme and vanilla extract until smooth.
Pour half of the fudge into the baking dish.
Mix in the red gel mixture into the remaining half of the fudge.
Drop dollops of the strawberry fudge onto the white fudge and swirl with a butterknife.
Allow to cool completely overnight before cutting into 1 inch squares.