Combine softened butter and cream cheese in a mixing bowl. Use a hand mixer on low speed until smooth and creamy, about 2-3 minutes.

Add in the powdered sugar, brown sugar, vanilla extract, and salt. Mix everything together until well combined and fluffy, achieving a lovely light texture.

Fold in mini chocolate chips and holiday sprinkles gently using a spatula.

Transfer the dip into a decorative bowl. Cover with plastic wrap and chill in the refrigerator for at least 30 minutes.

Serve with dippables like graham crackers, fresh strawberries, pretzel sticks, or marshmallows.