Preheat an oven to 425° F.

To make the red dough: In a bowl, using an electric mixer on medium speed, beat the butter until soft and creamy. Slowly beat in the sugar, and when it is fully incorporated, beat in the egg yolk, almond extract, and food coloring until well blended. Beat in the flour until well blended. Shape the dough into a ball, wrap in plastic wrap, and refrigerate for 15 minutes.

To make the plain dough: Repeat the process for the red dough, omitting the food coloring. Shape into a ball, wrap in plastic wrap, and refrigerate for 15 minutes.

Tear off a walnut-sized piece of red dough, and using the palms of your hands, roll it out on aluminum foil to form a rope about ¼ inch in diameter and 5 inches long. Do the same with the plain dough. Twist the ropes together and then bend the top into a curve to make a candy cane. Place on an ungreased baking sheet about 1 inch apart. Repeat until all the dough is used. Bake for about 8 minutes, or until lightly browned on the bottom.

Transfer the cookies to a wire rack to cool. To store, pack in an airtight container in single layers, separated by waxed paper.