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1. In a medium saucepan stir together sugar, cocoa powder, sweetened condensed milk and milk. Cook and stir, constantly, over medium heat until mixture just boils. Reduce heat and simmer for 5 minutes, stirring constantly. Transfer to a storage container and stir in chopped peppermint. Cover and chill overnight.
2. Strain the chocolate mixture through a fine mesh sieve; discard solids. Stir in vanilla and whipping cream. Freeze in a 2-quart ice cream freezer according to manufacturer's directions. Transfer to an airtight storage container and freeze for 4 hours before serving.