How to Make It
Preheat oven to 400. Melt Peeps in a medium bowl in the microwave, about 30 seconds on high. Stir in preserves and mix to combine.
Spread out pie dough and cut each into 10-inch x 6-inch rectangles. Cut each rectangle in half to 5-inch x 6-inch, and cut in half again to 5-inch x 3-inch. Lay four rectangles on a parchment-lined baking sheet and spoon on a heaping tablespoon of the Peep filling onto each rectangle. Top each with one remaining pastry, crimp edges with a fork, and poke several holes into the top with a wooden skewer or toothpick.
Bake for until slightly golden brown, about 10-12 minutes, rotating the pan halfway through the cooking process. Cool on a wire rack. Meanwhile, stir powder sugar, milk, and food coloring together in a small bowl. Ice the cooled pastry and serve immediately, or freeze for later use.