Menthyl acetate is a natural monoterpene which contributes to the smell and flavor of peppermint. It is the acetate ester of menthol. Menthyl acetate constitutes 3–5% of the volatile oil of mentha piperita, contributing to its smell and flavour.Menthyl acetate is a natural monoterpene which contributes to the smell and flavor of peppermint. It is the acetate ester of menthol. Menthyl acetate constitutes 3–5% of the volatile oil of mentha piperita, contributing to its smell and flavour.