In a large bowl, mix together butter, powdered sugar, and vanilla extract until a thick dough forms. Roll the mixture into balls and set onto a plate. Freeze for at least 20 minutes.
Place chocolate chips into a microwave-safe bowl, and heat in the microwave in 30-second intervals, stirring well until it is fully melted and smooth. Stir in food coloring.
Coat each truffle in the chocolate and set onto a plate. Top with candy eyes, and let sit until it is completely set.