In a medium saucepan over medium heat, melt the unsalted butter until fully liquefied. Add the softened cream cheese and stir continuously until the cream cheese softens completely and combines smoothly with the melted butter.

Remove the saucepan from heat. Gradually add the confectioners' sugar to the butter and cream cheese mixture, stirring thoroughly as you add it. If the dough remains sticky, continue adding powdered sugar until the texture resembles very soft playdough that does not stick to your fingers.

Divide the dough into portions according to how many flavors or colors you desire. To each portion, add approximately 1/3 teaspoon of your chosen flavor extract and mix well. If desired, add a few drops of food coloring and knead until the color is consistent throughout the dough.

To make traditional butter mint circles, scoop about 1/2 teaspoon of dough, roll it into a ball, then flatten slightly with the back of a fork to create a scored pattern. Alternatively, roll out the dough to about 1/4 inch thickness and cut out shapes using cookie cutters.

Optionally, roll the shaped candies in granulated sugar to lightly coat all sides. Arrange the mints in a single layer on waxed paper and allow them to sit for a few hours until they are set and no longer sticky on the outside. Store finished mints in an airtight container in the refrigerator to maintain freshness.