Prepare the pan by lining an 8-inch square pan with aluminum foil, allowing some overhang for easy removal. Spray the foil with cooking spray.

Create the chocolate layer by combining 1.5 cups of semi-sweet chocolate chips with 5 ounces of sweetened condensed milk in a microwave-safe bowl. Microwave on 50% power for 1 minute, then stir. Continue heating in 30-second intervals until smooth, about 2-3 minutes total. Fold in 0.5 teaspoon of vanilla extract before spreading evenly into the prepared pan.

Chill the first layer in the refrigerator for about 10 minutes, until slightly set but still soft enough to hold the next layer.

Prepare the orange layer by melting 1.5 cups of white chocolate chips and 5 ounces of sweetened condensed milk in the same manner. Stir in 0.5 teaspoon of vanilla extract and a few drops of orange gel food coloring until the desired color is achieved. Spread this mixture over the chilled chocolate layer.

Add decorations by pressing candy corn or sprinkles gently into the top of the orange layer immediately after spreading.

Final chill the fudge in the refrigerator until firm, about 1-2 hours. Lift out using the overhanging foil and slice into squares for serving.