In a large bowl, whisk together Bisquick, eggs and milk until smooth
Divide the batter among 6 bowls, putting around 1/3 cups in each.
Put a few drops of gel food coloring, using a different color for each bowl.
Whisk in the food coloring until it gets uniformly blended
Transfer each color of batter to a piping bag and cut off the tips avoiding spillage
Now pour each color of batter in a circle into a heated waffle maker. The outermost circle should be red, then orange, yellow, green, blue and lastly, purple.
Cook according to the instructions on your waffle maker
Remove the circular waffle and repeat the steps with the remaining batter.
Cut each waffle in half to make it resemble a rainbow
Serve with whipped cream for the clouds and put Lucky Charms as the treasure at the end of the rainbow.