In a medium saucepan, melt the butter over medium heat. Add the cream cheese and stir until melted and combined with the butter. The cream cheese won't really "melt" like the butter does, but will completely soften.
Remove the pan from heat and add the powdered sugar. Add 4 cups of the powdered sugar and stir with a spoon until fully combined. If the dough is still really sticky to the touch, add more powdered sugar. The dough should be like really soft playdough, but shouldn't stick to your fingers.
Divide the dough into however many sections you want. For this batch, I divided the dough into 3 parts and added 1/3 tsp of extract to each part, stirring the flavoring in well. Add food coloring and continue to mix the dough well until the color is fully incorporated into the dough.
If you want to make your candies in a circle shape, use a 1/2 tsp to portion out the dough and roll each piece into a ball. Use a fork to flatten and score the candies so that they are about 1/4" thick.
To make shapes other than circles, roll the dough out so it's about 1/4" thick and then cut out the desired shapes. If you find that the cookie cutter is sticking to the dough, you can spray it with a little bit of non-stick cooking spray or dip it in melted butter and then dip in granulated sugar in between cutting each shape out.
If desired, place a small amount of granulated sugar in a bowl and then coat the candies on all sides with a thin layer of sugar. Place the formed butter mints in a single layer on waxed paper. The candies will "set" within a few hours - they will remain soft, but the outside sets up enough that the mints are no longer sticky at all and can all be placed together in a container. Store in an airtight container in the refrigerator.