Double-click the new layer to apply the following layer style:
Add a Bevel and Emboss with these settings:
Uncheck the Use Global Light box
Check the Anti-aliased box
Highlight Mode: Vivid Light
Shadow Mode: Color Burn
Add a Contour with these settings:
Contour: Rounded Steps
Check the Anti-aliased box.
Add a Color Overlay with these settings:
This is where you can choose the color of the sprinkles on the styled layer, so you can choose any color you like.
Add a Drop Shadow with these settings:
12. How to Add Sprinkles
Rename the styled layer to the color you chose for the Color Overlay effect, and copy its layer style.
Click-drag slightly over the letters to add the sprinkles. You can change the brush tip's Spacing and Scattering values as needed to create an effect you like.
Create new layers, name each one with the color you want its sprinkles to be, and paste the layer style to it.
All you need to do to change the sprinkles' color is double-click the sprinkles layer, and choose a new Color value for the Color Overlay effect.
You can add as many sprinkle layers and colors as you like to fill the text with.