Make one batch of edible marshmallow slime exactly according to the recipe and set aside. (see "notes" for marshmallow slime recipe)
Make a second batch of marshmallow slime, adding 2 drops of peppermint extract and 2 drops of red food coloring to your marshmallow fluff before you add the cornstarch and powdered sugar.
Stir in the food coloring completely until you've reached your desired shade of red, then add the dry ingredients and continue making the slime according to the recipe.
Now that you have two batches of slime, you can roll them out and twist them together to make a candy cane shape!