Beat the softened butter in a large mixing bowl until creamy.
Gradually add the powdered sugar to the butter, mixing until well combined and the texture becomes dough-like.
Pour in the heavy whipping cream and peppermint extract, mixing until smooth and evenly blended.
Divide the dough into two portions; leave one portion plain and tint the other with red gel food coloring until evenly colored.
Dust a clean work surface with powdered sugar, then roll each portion into long ropes about ½-inch thick.
Twist the red and plain ropes together and pinch off small pieces to form bite-sized mints.
Place the shaped mints on a tray lined with parchment paper.
Let the mints air-dry at room temperature for 1–2 hours so they set up and develop their soft texture.
Optionally roll each mint in a sprinkle of granulated sugar for extra sparkle.
Transfer the finished mints to an airtight container and store at room temperature.