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1. In large saucepan, combine milk, half-and-half, and sugar. Cook over medium heat until small bubbles appear around edge, stirring occasionally.
2. Slowly stir about 1 cup of the hot milk mixture into egg yolks. Add to remaining hot milk mixture in saucepan. Cook and stir for 6 to 8 minutes or until mixture coats a metal spoon.
3. Place saucepan in sink or bowl of ice water; cool for 1 to 2 minutes, stirring often. Stir in bourbon and creme de menthe. Cover surface with plastic wrap and chill for 4 to 24 hours.
4. In chilled small bowl, beat whipping cream with chilled beaters of electric mixer on medium speed until soft peaks form (tips curl). Transfer chilled egg yolk mixture to punch bowl. Fold in whipped cream. Ladle into mugs or cups. If desired, top with additional whipped cream and garnish with candy canes. Makes 12 (1/2-cup) servings.