1. Sprinkle gelatin over 1/4 cup of the skim milk in small custard cup; let stand for 5 minutes to soften. Heat remaining 1 3/4 cups skim milk to boiling point in small saucepan over medium heat. Stir in softened gelatin to dissolve.
2. Cool slightly; stir in peppermint extract and food coloring. Pour into 9 x 5 x 3-inch loaf pan; chill to set completely, 1 1/2 to 2 hours.