Grease a 13-by-9-by-2-inch pan with 1 1/2 teaspoons butter; set aside. In a heavy saucepan, combine the sugar, cream and remaining butter. Cook and stir over low heat until sugar is dissolved. Bring to a boil; cook and stir for 4 minutes. Remove from the heat; stir in chips and marshmallow crème until smooth.
Remove 1 cup and set aside. Add orange extract and food coloring to the remaining mixture; stir until blended. Pour into prepared pan. Drop reserved marshmallow mixture by tablespoonfuls over the top; cut through with a knife to swirl. Cover and refrigerate until set. Cut into squares.
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