In chilled small bowl, beat whipping cream, powdered sugar, cocoa and ¼ teaspoon of the peppermint extract with electric mixer on high speed until stiff peaks form.
Cover; refrigerate until serving time.
In 2-quart saucepan, heat milk just to simmering over medium-low heat (do not boil).
Reduce heat to low.
Add baking chips; stir constantly with whisk until melted and smooth.
Stir in remaining ½ teaspoon peppermint extract.
Pour hot chocolate into cups or mugs.
Top each serving with cocoa-mint whipped cream.
Notes / Tips / Wine Advice:
Festive Touch
Add a bit of elfish fun—garnish each steaming mug of hot chocolate with a candy cane for stirring, or sprinkle with crushed hard peppermint candies.
Festive Touch
To make a delicious adult drink, substitute ⅓ cup peppermint schnapps for the ½ teaspoon peppermint extract in the hot chocolate.