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Warm Peppermint Schnapps Cocktails Hot Chocolate with Peppermint Schnapps (serves 6) Whether you like your cocktails on the hot side or on ice, try these peppermint schnapps cocktails this season (before the weather warms up and you have to come up with another excuse). (You're just keeping warm! Nothing wrong with keeping warm!) Warm drinks with peppermint schnapps are also the perfect way to stay toasty during the midwinter chill. Unlike liqueurs and crème de menthe, it's got a subtler sweetness that makes it an ideal choice for cocktails without skimping on crisp minty flavor. Peppermint schnapps tastes like a candy cane in liquid form: sweet but not too sweet, minty with a nice, peppery spice.