In large bowl, beat butter until creamy. With mixer on low, beat in sugar, cream and extract until creamy and smooth.
Turn sugar mixture out onto a work surface lightly dusted with confectioners’ sugar; knead until smooth and satiny. Divide mixture into thirds: Tint one pastel pink (2 drops red color), one pastel green (2 drops green color) and leave remaining portion white. Cover each portion with plastic wrap to keep it from drying out.
Line 2 baking sheets with nonstick foil. Lightly dust work surface with confectioners’ sugar. Working with one color at a time, roll out 1⁄4 cupfuls of the mint mixture, using your fingers, into a 1/2-in.-thick rope. Cut rope into 1/2- to 3/4-in. pillows. Transfer mints to prepared baking sheet with a spatula (be careful—mints are soft and will squish easily). Repeat with remaining mint mixture.
Let air-dry at room temperature for 1 to 2 days until firm enough to handle. Transfer mints to covered containers.
Can be stored in an airtight container at cool room temperature up to 2 weeks, or keep in refrigerator up to 1 month.