Combine first three ingredients, firmly press onto bottom and 1 inch up sides of a 9 inch springform pan.

Chill Beat cream cheese at high speed with an electric mixer until fluffy. Add condensed milk, peppermint candy, and food coloring. Beat Well. Fold in whipped cream. Pour into prepared pan. Cover and freeze until firm. Garnish with whipped cream, crushed and whole peppermint candy, if desired.