Menthol was not to be genotoxic or carcinogenic in studies by the National Toxicology Program of the United States.
http://ntp.niehs.nih.gov/index.cfm?objectid=BCDD5E64-123F-79...

Link to FDA Code of Federal Regulations for Menthol
Food additives
http://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfCFR/CFRS...
http://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfcfr/CFRS...
OTC drugs
http://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfcfr/CFRS...
http://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfcfr/CFRS...

Menthol may be used in cosmetics and personal care products marketed in Europe according to the general provisions of the Cosmetics Directive of the European Union.
Link to the EU Cosmetics Directive:
http://ec.europa.eu/consumers/sectors/cosmetics/documents/di...

Menthol is a covalent organic compound made synthetically or obtained from peppermint or other mint oils. It is a waxy, crystalline substance, clear or white in color, which is solid at room temperature and melts at temperatures slightly above room temperature. The main form of menthol occurring in nature is (-)-menthol. Menthol has local anesthetic and counterirritant qualities. Menthol’s ability to chemically trigger cold-sensitive receptors in the skin is responsible for the well known cooling sensation that it provokes when inhaled, eaten, or applied to the skin. Menthol does not cause an actual drop in temperature.