Spray 2 rimmed baking sheets with cooking spray. 

Position oven racks in the upper and lower third of the oven. Preheat oven to 200° F.

In a medium saucepan, compine granulated sugar, light corn syrup, and 1/4 c. of water over medium-high heat. Stir with silicone spatula until sugar dissolves. 

The other 1/4 c. of water, pour into a small bowl. Using a pastry brush, dip the brush in the extra water and brush any sugar crystals off of the side of the pan. Do not stir the syrup. 

When syrup starts boiling, insert candy thermometer. Make sure it is not touching the bottom of the pan. Do not stir the syrup and boil until it reaches 285° F. 

Remove pan from heat and allow bubbles to dissipate. Stir in peppermint extract. 

Pour about half of the syrup onto one of your baking sheets and place it in the oven. 

Stir red food coloring into the remaining syrup until you reach a vibrant red. You may need to add more coloring. Pour the candy onto the remaining baking sheet and let it sit until it forms a skin. 

Using your metal spatula, spray with cooking spray and knead the candy by flattening it, then folding it over on itself. Continue kneading for 1-2 minutes. 

Wearing heat resistant gloves, stretch the candy into a long rope, fold the rope in half, and twist until the rope melts back into itself. Repeat this until the candy becomes opaque with a satiny finish, about 2-3 minutes. As the candy cools, it will become harder to pull and fold. 

Stretch candy into a rope about 2" in diameter and place in the oven to keep it warm.

Remove the first pan from the oven and knead in white food coloring, if desired. Repeat the process with the white candy until opaque and difficult to pull. Stretch into a thick rope like the red candy.

Remove red tray for oven. Cut 2" segment from both red and white ropes. Place the trays back into the oven when not using the candy.

With your two sections, squeeze the colors together until they are joined but the colors stay separate. Stretch the candy, deciding how thick your canes will be. When you get to the desired thickness, twist the rope to create the candy cane stripes. 

Using cooking scissors sprayed with cooking oil, cut your rope into smaller pieces of your desired length. Create a hook at one end of the length and set aside to cool. 

Continue the process until all of your candy has been used to create canes.