Roll Rhodes bread or rolls into a large rectangle. Spread softened butter onto half of the dough and sprinkle the buttered half with silver (or white) sugar (mixed with 1/4 tsp. peppermint extract), red sugar and peppermint baking chips. Carefully fold the dough over. Start with the side without any toppings, then cover the side with toppings. Cut into 8 (1") strips (or as many as your dough will allow). As you carefully pick up each strip, hold the ends, give it a twist and set it on a greased baking sheet. Allow to rise about 30 minutes or until doubled in size. Bake at 350° for 20-25 minutes or until golden. Allow to cool about 10 minutes.
Meanwhile, make the icing by combining the powdered sugar, butter and milk. Whisk until smooth. Drizzle over the baked twists. Sprinkle with additional peppermint chips if desired. Serve while still warm!