In the mixing bowl of a stand mixer (or using a hand mixer), beat softened butter until fluffy and creamy; about 3-5 minutes. 

With mixer on low, add 2 cups of powdered sugar (slowly), cream, peppermint extract, and food coloring.

Increase to high speed and beat for 3 minutes.

Add more powdered sugar if frosting is too thin or more cream if mixture is too thick.

Fold in the chocolate chips by hand. Or sprinkle on top, if piping frosting on cupcakes.