Drop baking cups into a 12 cup (large) muffin pan. Place extra baking cups into custard cups or another muffin pan. Set aside.
In a medium bowl beat your cream cheese until smooth.
Add in condensed milk and vanilla, mixing to combine.
Carefully fold in 1 1/4 cup of whipping cream and 1/2 cup crushed candy canes.
Pour mixture into baking cups about 2/3 full. Cover with foil and freeze overnight.