Line a 9-in. square pan with foil; grease the foil with 1-1/2 teaspoons butter and set aside. In a heavy saucepan, combine the sugar, milk and remaining butter. Cook and stir over medium heat until sugar is dissolved. Bring to a rapid boil; boil for 5 minutes; stirring constantly.
Reduce heat to low; stir in chocolate chips and marshmallow creme until melted and blended. Remove from the heat; stir in extracts. Pour into prepared pan. Refrigerate overnight or until firm.
Using foil, lift fudge out of pan; carefully peel off foil. Cut fudge into 1-in. squares. Store in the refrigerator.