In a large bowl, combine the cream, peppermint extract and vanilla extract (and food coloring if your using it). Use a hand mixer with a whisk attachment to beat the cream until stiff peaks form. Then gently fold in the sweetened condensed milk and the mini chocolate chips until it's all combined.

Line a loaf pan with plastic wrap, leaving enough of an overhang to wrap the top tightly. Place the cream mixture into the prepared loaf pan and wrap the plastic wrap tightly over the top. Place it in the freezer until frozen, then your ready to eat it.