Combine the confectioner's sugar, water and egg whites (or meringue powder) in a large bowl. Beat until stiff and fluffy, about 3 minutes. Using food coloring, tint the frosting to your desired colors, then set aside.

Snip a 1/4-inch tip from the top of each ice cream cone.

Fill a resealable plastic bag with the meringue icing, twist it tight, and then snip a hole in the corner. Pipe the cones with icing, then sprinkle them with the decorating sugar. Let dry for 20 minutes.

Put 1/3 cup of M&M'S® Brand Milk Chocolate Candies for the Holidays inside each cone. Then pipe icing (as "glue") around the large opening of each cone, and seal it shut with a cookie. Carefully invert each cone so that the cookie is its base.

Once all of the cones have their cookie bases, insert an unwrapped lollipop piece into the small hole at the tip of each cone. Pipe icing at the base of the lollipop "head" to help secure it to the cone. Decorate the cones with M&M'S® Brand Milk Chocolate Candies for the Holidays, by using a dot of icing to place each candy piece on each cone. Before piping the hair and eyes, add food coloring to the icing, if desired.

Let the cones dry, about two hours.