First, blend 8 ounces of cream cheese and 1/4 cup of butter together by heating them in a saucepan over medium-low heat. Then add 2 pounds of powdered sugar a little at a time, stirring well before and after each additional scoop of sugar. Stir in peppermint extract and, optionally, add food coloring at this point. Finally, form the mixture into 1-inch balls and place on wax or parchment paper, allowing them to cool for about four hours before eating.
Other recipes use chocolate as the main ingredient. In these recipes, melt 1 cup of semisweet chocolate chips with 3/4 cup of condensed milk in a pan. Pour half the chocolate mixture into a dish covered with buttered wax paper and leave it to chill for about 10 minutes. In another pan, melt a cup of white baking chips and mix it with condensed milk in the same way, and then add peppermint extract and food coloring and refrigerate. When set, spread the remainder of the white chocolate over the original chocolate mixture on the buttered wax paper, using the leftover chocolate in the pan as an adhesive to merge the chocolates into a single two-layered sheet of chocolate. Refrigerate until the sheet is solid, and finish by cutting them into 1-inch pieces.