Cream together the softened cream cheese and butter until smooth and fluffy.
Gradually add the powdered sugar, one cup at a time, mixing well after each addition.
Add the peppermint extract and food coloring (if using) to the dough. Mix well until the color is evenly distributed.
Shape the mints using molds, rolling and cutting, or rolling into balls.
Place the shaped mints on a parchment-lined baking sheet. Let them set at room temperature for at least 2-3 hours, or preferably overnight.
Enjoy! Store them in an airtight container at room temperature for up to a week.