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. Color as desired or leave white.
Roll into small balls, and place on wax paper. Use a fork dipped in powdered sugar, to flatten each ball.
Let dry on wax paper for about 2 hours then freeze or refrigerate.
Notes
Peppermint oil is found in the baking/cooking section of the grocery store. Do not use essential oil peppermint.