In a large bowl, use an electric mixer on medium speed to beat the softened cream cheese until completely smooth and creamy, about 2-3 minutes.

Add the powdered sugar, peppermint extract, vanilla extract, and green food coloring. Beat on low speed until combined, then increase to medium until the color is uniform.

In a separate chilled bowl, whip the cold heavy whipping cream on high speed until stiff peaks form.

Add one-third of the whipped cream to the cream cheese mixture and gently stir to lighten the base.

Add the remaining whipped cream and use a rubber spatula to gently fold it in until no white streaks remain. Do not overmix.

Cover the bowl tightly with plastic wrap and chill in the refrigerator for at least 2 hours to allow it to set.

Transfer the chilled fluff to a piping bag fitted with a large star tip. Pipe into serving glasses, garnish with green sprinkles, and serve cold.