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Mix milk and sugar with a whisk until sugar is dissolved. Add heavy whipping cream, vanilla, and essential oil or orange extract (and food coloring, if using). Mix well. Pour into your ice cream maker and follow the manufacturer's directions.
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While ice cream is churning, melt the white chocolate chips over medium-low heat in a saucepan on the stove. Add oil if necessary. Keep warm until ice cream is done churning.
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When ice cream has reached soft-serve consistency, transfer to airtight container in layers, drizzling white chocolate and adding macadamia nuts to each layer. Freeze for several hours or overnight.