Make buttercream by mixing semi-melted butter, vanilla and icing sugar together. Mix sugar in one cup at a time, whisking to prevent lumps. Finish by adding the whipping cream and mixing with a spatula.
Separate buttercream into two bowls, adding about 2-3 drops of red food colouring to one of the icing mixtures. Set pink icing in bowl aside.
Microwave white icing in a glass bowl for about 30 seconds until icing is hot and runny in consistency.
Line a baking sheet with wax paper, and get pretzels ready. Dip each pretzel in white buttercream, coating entirely, and lifting out gently with a fork. You may need to use your pinky finger or use a toothpick to remove icing from holes of pretzel.
Place each on the baking sheet and when you've made enough to fill the sheet, place in the fridge for about 10 minutes to let the icing harden.
In glass bowl, microwave pink icing for 20 seconds when the baking sheet full of pretzels is ready to come out of the fridge.
Scrape pink icing into a plastic bag and cut a small hole in the bottom of it. Drizzle pink icing overtop of pretzels, then sprinkle with toffee bits.
Let cool in fridge for another 5 minutes then enjoy right away!