Preheat oven to 350 degrees F. Line a baking sheet with parchment paper.
Place vanilla wafers in a food processor and pulse until finely chopped. Transfer to a large bowl and stir in the melted butter until well combined.
Divide the mixture between the wells of the pan and press down into an even layer. Bake for 5 minutes and let cool. Lower oven temperature to 325 degrees.
Beat together the cream cheese, sugar and flour until smooth and creamy. Stir in the vanilla and then add the eggs one at a time, mixing well after each addition.
Remove about 1/2 cup of the filling and transfer to a small bowl. Add the peppermint extract and red food coloring and mix until well combined.
Gently fold the red batter into the regular batter once or twice until streaked throughout. Use a small ice cream scoop or spoon to divide the cheesecake batter evenly between each well.
Bake in a 325 degree F oven for 13-15 minutes until centers are just set. Remove from the oven and let cool completely. Refrigerate for 2-3 hours and up to overnight.
Melt the white chocolate in the microwave for 30 second intervals, stirring after each, until melted and smooth. Alternatively melt in a double boiler. Transfer to a squeeze bottle or piping bag fitted with a small tip and pipe out handles in a “C” shape onto a baking sheet lined with parchment paper. Freeze for about 5 minutes to harden.
Remove the cheesecakes from the pan and peel away the liners. Insert a white chocolate handle into each and then garnish with a dollop of whipped topping, mini marshmallows and crushed up candy canes before serving.