Place chocolate chips into a glass mixing bowl, and put aside.
In a small saucepan, combine heavy whipping cream, butter, and flavor extract (if using). Heat to a boil, remove from heat.
Pour hot cream mixture into bowl of chocolate chips. Let sit for 3-5 minutes.
Starting in the middle of the bowl, slowly start stirring the chocolate and cream until all of the chocolate is melted and the cream has disappeared into it – it should be smooth.
Cover with plastic wrap, preferably resting right on top of the surface – this prevents a skin from forming while it cools.
Allow to cool to room temperature, chill until cold, then whip with a stand or electric hand mixer for a minute or so, until fluffy.
Notes
One batch makes enough whipped ganache to frost a 2 layer 8" round cake, 12 cupcakes, or a 9 x 13 pan.