Lightly spray baking sheet. Place sugar, water, corn syrup, butter and salt in a large saucepan. Cook over medium high heat, stirring occasionally, for 10 minutes, or until it reaches 270 degrees F. (When a small amount is dropped in ice water it will form threads that will bend.) Take off heat, let stand until it stops bubbling.
Pour the mixture onto prepared cookie sheet and let stand for 5 minutes, or until cool. Drizzle peppermint flavoring and food coloring over candy. Dip fingers in cornstarch and pull candy straight without twisting. Keep on folding and stretching until it looks creamy. Stretch candy into a 1/2 inch rope.Pour powdered sugar into the baking pan. Cut the candy into 1/2 inch pieces and toss in sugar to coat. let stand overnight.