Combine whipping cream and butter in 2 quart saucepan. Cook over medium-low heat until butter is melted [4 to 5 minutes]. Add creme de menthe baking chips. Continue cooking, stirring constantly, until chips are melted and mixture is smooth. Cover; refrigerate at least 2 hours or freeze 1 hour until firm.
Dust hands with powdered sugar or cocoa. Working quickly, shape mixture into 1 inch balls. Place balls onto waxed paper-lined baking sheet; refrigerate at least 2 hours.
Meanwhile, melt candy coating in deep 1 quart saucepan over low heat; stir until smooth. Stir in food color until well mixed. Remove from heat; cool 10 minutes.
Remove truffles from refrigerator. Place 1 truffle in candy coating mixture. Use small spoon to coat truffle; immediately remove and place onto waxed paper. Repeat with remaining truffles. Refrigerate until coating is set.
Drizzle each truffle with melted chocolate. Refrigerate until set. Place truffles in paper or foil candy cups. Store refrigerated in container with tight-fitting lid up to 2 weeks.