Fill a cocktail shaker with ice cubes. Add chocolate liqueur and peppermint schnapps. Shake vigorously for 2 to 3 minutes. Pour into glasses.
Beat heavy cream and vanilla extract in a chilled glass or metal bowl using an electric mixer until frothy. Add confectioners' sugar gradually, continuing to beat until soft peaks form. Beat in enough food coloring to reach desired shade of green.
Place a dollop of green whipped cream on top of each shot and garnish with shaved chocolate.
