Add 1½ cups whole milk and ½ cup heavy cream to a small saucepan over medium heat and cook until steam begins to come off the top, but it's not yet simmering.
Sift in 3 tablespoons cocoa powder into the milk and cream and whisk until incorporated.
Add 3 tablespoons granulated sugar and stir until dissolved.
Add 2 ounces bittersweet chocolate (chopped) in two parts, stirring after each addition until melted.
Stir in 1 teaspoon vanilla bean paste and continue to heat for 2 more minutes. Remove from heat and set aside while the whipped cream is prepared
Add ½ cup heavy cream, 2 tablespoons powdered sugar, ½ teaspoon vanilla bean paste, and ¼ teaspoon peppermint extract to a medium bowl and whisk or beat with a hand mixer until peaks form. Soft peaks if you want to spoon it on and have it quickly melt into the hot chocolate, or stiff peaks if you want to pipe it on top and have it gradually melt.
Pour the hot chocolate into mugs and top with whipped cream. Add chocolate shavings, sprinkles, or crushed peppermint candy if desired before serving.