Beat the heavy whipping cream at high speed until it begins to thicken. Mix to preference. If you want a thicker texture, keep mixing until stiff peaks form. For a runnier texture, mix until desired thickness.
Add the butterscotch topping and powdered sugar to the whipped cream, and mix until combined.
Separately, mix in the extracts with the cream soda.
Serve the butterbeer in your preferred drinking vessels, and top with the butterscotch whipped cream.