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In a medium mixing bowl, stir together flour, baking powder and salt; set aside.
In a large mixing bowl, beat butter with an electric mixer on medium speed for 30 seconds. Add sugar; beat for 2 minutes on medium speed or until mixture is light and fluffy, scraping sides of bowl occasionally. Add egg and egg yolk; beat for 2 minutes on medium speed. Beat in peppermint extract. Gradually add flour mixture beating on low speed just until combined.
Divide dough in half. Knead about 1/2 teaspoon gel paste food coloring into one of the dough portions (add more, if desired, for a deeper red color). Leave the remaining dough portion plain. If necessary, wrap and chill dough for at least 1 hour or until easy to handle.
Form dough into desired shape. For peppermint swirl cookies: Divide each red and plain dough portion in half for a total of four dough portions. Roll a red dough portion into an 8x6-inch rectangle on parchment or waxed paper. Pat or roll a plain dough portion into an 8x6-inch rectangle on paper. Use the paper and your hand to carefully invert the red dough rectangle on top of the plain dough rectangle; remove top layer of paper. Starting from a long side, roll up dough using bottom layer of paper to help lift and guide the roll. Pinch dough edges to seal; wrap in plastic wrap. Repeat with remaining red and plain doughs. Chill dough rolls for 1 to 2 hours or until dough is firm enough to slice. Unwrap dough rolls; reshape, if necessary. If desired, roll each of the dough rolls in red edible glitter or red coarse decorating sugar. Using a sharp, thin-bladed knife, slice rolls crosswise into 1/4-inch-thick rounds. Rotate roll while cutting to prevent flattening. For candy cane cookies: For each cookie, on a lightly floured surface, shape a 1/2-inch ball of plain cookie dough into a 5-inch rope. Repeat with a 1/2-inch ball (1 measuring teaspoon) of red cookie dough. Place the ropes side by side and twist together. Form into a cane shape.
Place cookies 2 inches apart on ungreased cookie sheets. Bake in a 350°F oven until edges are set (9 to 10 minutes for swirl cookies; 6 to 8 minutes for candy cane cookies). Cool on cookie sheets on wire rack for 1 minute. Transfer cookies to wire racks; cool.