Is there a candy cane lane in Roselle IL?

Not the way it used to be. I believe you are thinking of a subdivision in the southwest area of the Elgin-O'Hare Expressway and Roselle Road. You used to be able to see some of it when driving along the Expressway.

A huge number of home owners participated in the Christmas decoration extravaganza and it got so popular that the viewing hours were limited and traffic was amazing!

It isn't there any more. I understand the main organizer moved away and the current residents have not continued the tradition to that extreme any more.