Preheat oven to 350 degrees F. Cover two baking cookie sheets with parchment paper and set aside.
Cover a flat surface with WAXED paper (no flour). Remove the chilled dough from the fridge. Using your fingers, break pieces of dough (about 1-2 inches big) from each disk and distribute on the prepared waxed paper, close to each other, about 1/2 - 1 inch distance between the pieces. Alternate between colors, and try to form a rectangle with the broken dough pieces.
Cover the pieces with waxed paper, using a rolling pin, roll it over the dough pieces, and form a flat rectangle, and make sure it's about 1/4 inch thick.
Remove the top waxed paper, and use cookie cutters to cut desired forms and shapes. Then transfer the cookies to the prepared baking sheets, leave 1 1 1/2 inches distance between cookies.
Place the cookies in the freezer or refrigerator for about 10 minutes to chill. This will help maintaining the shape while baking.
Bake 8 to 10 minutes in the preheated oven at 350 degrees F, or until golden color.
If desired, after the cookies have been fully cooled, decorate with icing.