Combine cream cheese and oil of peppermint; beat well. Divide mixture in half. Add yellow food coloring to half of mixture to reach desired color.
Add powdered sugar to both mixtures, kneading by hand until the consistency of a stiff dough. Shape mixture into 3/4- inch balls; coat one side of ball with granulated sugar. Press balls into rose-shaped candy molds, sugar-coated side down. Unmold onto waxed paper immediately. Let dry 6 hours on each side.