Grease an 8x8 or 9x9-inch baking dish with one tablespoon of the butter.

In a large pot over low heat, melt the remaining butter. Add the marshmallows and stir until the marshmallows are melted and smooth. Remove from the heat, and stir in the peppermint extract.

Stir in the crispy rice cereal, the white chocolate chips and 2 of the crushed candy canes. Pour the mixture into the buttered dish. Using buttered hands, press evenly into the pan. Garnish with the remaining candy cane.

Let sit at least 15 minutes. Cut into 5 rows of 5, and once you remove it from the pan, cut the pieces to half the thickness to make little squares.