Separate your sweetened condensed milk evenly into two medium sized microwave safe bowls.
Add your chocolate chips to one of the bowls, and your milk chocolate chips to the other.
Add 1 TBS of butter to each of the bowls.
Microwave the chocolate bowl for about 30 seconds, then stir. Microwave for another 30 seconds and stir till fudge is totally smooth. (Microwave longer if needed)
Pour the chocolate mixture into a 9x9in baking dish lined with foil or parchment paper and smooth the top with a rubber spatula.
Microwave the white chocolate bowl for about 30 seconds, then stir. Microwave again for 30 seconds and stir till fudge is totally smooth.
Stir the peppermint extract into the white chocolate mixture.
Pour the white chocolate fudge over the chocolate fudge and spread around evenly.
Sprinkle crushed candy cane pieces over the top of the fudge and press lightly into the top.
Allow the fudge to set for several hours at room temperature till hard, or put the fudge in the fridge for about 1 hour for a quicker set.
Slice and serve. Store any extras in an airtight container for 2-3 days. Peppermint pieces start to soften after too long.