Line 24 mini muffin cups with petit four paper cups. In 1-quart saucepan, melt semisweet chocolate chips over low heat, stirring frequently. Spoon about 2 teaspoons of the chocolate into each paper cup. With back of small measuring spoon, spread chocolate up sides to within 1/8 inch of the top. Chocolate should be warm enough to spread. Refrigerate about 20 minutes or until completely set.
Meanwhile, in small microwavable bowl, microwave vanilla baking chips uncovered on High 1 minute. Stir in 3 tablespoons of the whipping cream; microwave about 30 seconds longer or until chips are melted. Stir in peppermint extract and food color. Cool slightly, about 5 minutes. Carefully remove paper cups from chocolate cups.
In medium bowl, beat remaining whipping cream with electric mixer on high speed until stiff peaks form. Fold melted vanilla chip mixture into whipped cream. Spoon or pipe whipped cream mixture into chocolate cups. Refrigerate until serving. Just before serving, sprinkle with candy.