Preheat your oven to 350°.
In the bowl of a stand mixer, cream together the butter and sugar for 1 minute.
Scrape the sides of the bowl and add in the eggs, canola oil, vanilla extract and butterscotch flavor. Mix until well combined.
Add in the flour and baking powder. Mix until a soft dough forms.
Add the food coloring to the cookie dough, mixing until completely combined to achieve the correct 'butterscotch' color. This is completely optional.
Scoop the cookie dough out in a heaping 1/3 cup portions. Roll into a ball and flatten just slightly. The cookies will spread and flatten as they bake.
Repeat with the remaining dough.
Arrange on a parchment paper or silicone baking mat covered pan. Place 6 cookies on each tray.Bake at 350° for 14-16 minutes. The cookies will spread and the center of the cookie should look puffed up and no longer wet before taking them out of the oven.
Allow the cookies to cool completely before making the topping.
To make the butterbeer foam topping, add the heavy whipping cream to either the bowl of your stand mixer or a large bowl that you can use an electric hand mixer with.
Whip the cream on medium high speed until it starts to thicken.
Once it starts to thicken, slow the speed down and gradually add in the powdered sugar and butterscotch flavoring. Once all of the powdered sugar has been added bump the speed up to as high as it can go and whip it until stiff peaks form. Once stiff peaks form, the topping is done!
Divide the topping among the cookies and spread to cover the top. Use the back of a spoon to make dips in the topping for texture.
Drizzle the butterscotch ice cream topping on top of the foam.
Serve Chilled. Store in the fridge for up to 4 days.