In a medium saucepan, add water and sugar to a boil. Stir well and stir occasionally to prevent burning.
Once the mixture has reached a boil, reduce heat to a low simmer.
When boiling has stopped, add in half of the peppermint extract (1.5 tsp). Stir well. Turn off heat
In a small bowl, mix together the warm water and cocoa to create a paste.
To the cocoa mixture add the espresso, and remaining peppermint extract (1.5 tsp).
In a coffee mug add the cocoa paste, 1 tablespoon of syrup and the steamed milk.
Stir and drink as is, or with whipped cream and crushed up candy canes!
FOR THE HOT VERSION STOP HERE
If you want the hot version of this drink stop right here. If you prefer the Iced version, let drink cool a bit and then pour over ice!
* you can make this espresso free by leaving out the espresso and adding another 1/2 cup steamed milk to the recipe.