Start by creaming the butter and cream cheese together in a stand mixer on medium-high speed.
Once this is combined, turn the mixer down to low and slowly add powdered sugar one cup at a time. Wait for the mixture to combine before adding the next cup. This will help keep powdered sugar from flying everywhere.
Once all the powdered sugar is in, add the peppermint extract and food coloring. Mix until combined. You should have a stiff batter at this point.
To make this particular shape, I used a large star tip. Fill piping bag with batter and pipe stars onto wax paper.
After this place in freezer and keep there until ready to serve.