Step 1: Combine the Core Ingredients
This is where the magic begins with minimal effort. Pour the whole milk, heavy cream, and the entire can of sweetened condensed milk directly into your 6-quart or larger slow cooker. Add the semi-sweet chocolate chips, the crushed candy canes, and the pinch of salt. The salt is a crucial flavor enhancer that will make the chocolate taste richer and more complex.

Step 2: Slow Cook to Perfection
Place the lid securely on your slow cooker. Cook on the LOW setting for 2-3 hours or on the HIGH setting for 1-1.5 hours. Do not let the mixture come to a rolling boil. The goal is to heat it gently until the chocolate chips and candy canes are fully melted and the mixture is steaming hot. The LOW setting is highly preferred as it prevents any risk of the dairy scalding and allows the flavors to meld more gracefully.

Step 3: Whisk to Emulsify
Once the chocolate and candy canes have melted, remove the lid. You will notice the chocolate may have settled. Use a whisk and stir the hot chocolate vigorously for a minute or two until it is completely smooth, glossy, and homogenous. This whisking step is essential for creating that signature velvety texture.

Step 4: Infuse with Extracts
Turn the slow cooker to the WARM setting. Now, stir in the vanilla extract and the peppermint extract. Start with 1 teaspoon of peppermint extract. Taste the hot chocolate and then decide if you want to add more, 1/4 teaspoon at a time, until it reaches your desired level of minty freshness. Remember, the flavor will continue to develop as it sits.

Step 5: Make the Fresh Whipped Cream
While the hot chocolate is finishing on the WARM setting, prepare the whipped cream. In a chilled bowl, using a hand mixer or a whisk, beat the cold heavy cream, powdered sugar, and vanilla extract on medium-high speed until soft peaks form. This can be done up to an hour in advance and stored in the fridge.

Step 6: Serve with Theatrical Flair
Ladle the hot chocolate into mugs. Top each mug with a generous dollop of freshly whipped cream. For the grand finale, sprinkle with additional crushed candy canes and dark chocolate shavings. Provide a spoon for stirring and enjoying the whipped cream.