Air pop the popcorn and place in a large mixing bowl. In a medium-sized sauce pan combine sugar, butter, vanilla, salt, water and food coloring. Cook over medium high heat, stirring, until it comes to a boil. Cook it for 1 minute at a boil and remove from the heat. Pour sugar mixture over the popcorn and stir to coat or place a lid on the bowl and shake. Let the popcorn cool slightly (still sticky, but not hot) and toss with the cinnamon imperials and white chocolate chips. Let sit for an additional 10 minutes to harden and enjoy.