In a large bowl, combine cream cheese, butter, and powdered sugar. Cream together until well blended.
Add in peppermint oil, one drop at a time.
Separate into small bowls and add gel food coloring as desired and mix well.
Roll into small balls, and place on parchment paper. Use a fork dipped in powdered sugar, to flatten each ball or place into molds.
Let dry on wax paper for about 2 hours then freeze or refrigerate.