Place the white chocolate in a microwavable glass bowl. Heat in the microwave in 15 second intervals, stirring between each until the white chocolate is melted and smooth. About 1 to 1 1/2 minutes total.
Stir in the coconut oil, corn syrup and peppermint extract. Microwave for an additional 10-20 seconds and stir until the coconut oil is completely melted.
Stir in the red food coloring until you achieve the desired color.
Stir in crushed peppermint. Transfer to a microwaveable glass storage jar with removable lid. Magic shell will harden up in the refrigerator. To serve, microwave in 15 second bursts, stirring after each, about 30 seconds and drizzle over ice cream. Magic shell will harden in about 30 seconds on the cold ice cream.