Microwave 4 caramels on 50% power until until soft and pliable, about 1 minute. Press the candies together to form a single mass, then stretch and roll the candy into a long roll. Immediately wrap the caramel rope around the pretzel rods. Repeat with remaining ingredients.
Divide melted chocolate between 4 shallow bowls. Dye three of the bowls of melted chocolate with food coloring with desired colors (we used pink, yellow and teal). Dunk the Starburst of each pretzel rod in the plain white chocolate and roll the rod until the Starburst spiral is completely coated in white chocolate. Drizzle the colorful white chocolate all over the pretzel rod and decorate with sprinkles.
Let set until the chocolate is hardened, about 10 minutes.