Melt about one quarter of a bag of white chocolate according to package directions. Stir in a small amount of blue oil-based food coloring until you reach a soft icy blue shade. Spoon the chocolate into the penguin mold, filling each cavity only halfway so the penguins stay thin and easy to attach later. Chill until fully set.
Melt one full bag of white chocolate. Stir in blue sprinkles, adding one tablespoon at a time until the mix looks generously sprinkled but still smooth and pourable.
Fill each s’mores mold halfway with the sprinkle chocolate. Press in a graham cracker, add a dollop of marshmallow fluff, then a small puff of cotton candy if using. Top with another graham cracker and finish by covering with more chocolate. Gently tap the mold on the counter to release air bubbles. Refrigerate for at least 30 minutes, or until completely firm.
Carefully remove the penguins and place them on a flat surface. Spray generously with edible glitter for a frosty, shimmering finish.
De-mold the s’mores. Melt a small amount of white chocolate and use it as glue to attach one penguin to the top of each s’more. Let them set completely.