Heat oven to 350°F. Make cake mix into cupcakes as directed on box using water, oil and eggs. Cool completely, about 30 minutes.
In small bowl, reserve 1/2 cup frosting for garnish. Into remaining frosting, stir peppermint extract and food color until well blended. Frost cupcakes with green frosting.
Spoon 1 teaspoon reserved white frosting onto center of each frosted cupcake. Decorate each with 2 candy pieces, standing on edge.