Combine all frosting ingredients except food color in large bowl; beat at low speed until mixed. Increase speed to high; beat until creamy and smooth. Add food color, 1 drop at a time, until desired tint.
Hold 2 fingers inside cone; frost cones with generous amount of frosting. Decorate as desired.
Store loosely covered up to 1 day.
Serving suggestion: Place cones over scoop of orange sherbet or pumpkin ice cream. Add chocolate chips for eyes and a red cinnamon candy for nose. Pipe whipped cream topping around ice cream; sprinkle with sanding or sparkling sugar. Serve immediately.
- Store remaining frosting in container with tight-fitting lid up to 5 days in refrigerator.
- Use a bent or inverted metal spatula to spread frosting.