Hi, Erica. This is one of the places where a heat gun is a good choice for paint removal. Using a heat gun with a putty knife is probably the fastest way to do this. You get a bonus in that the heat gun will also soften the putty.
If there is a chance that your paint has lead, you should take adequate protection against it. Wearing a respirator mask is a necessity. The thin paper masks offer little protection. Get the right filters for this job. The biggest safeguard is to not get the paint hotter than 600 degrees. If your windows were installed prior to 1970, you should assume that lead is present.
You could also use a liquid stripper but this will not have an effect on the putty. I much prefer strippers that do not contain methyl chloride from the safety aspects. If you go this way, remember that the paint/stripper goo will also have lead in it. This is a good method for the moldings around the windows. Whatever method you choose, remember to follow the label instructions and safety warnings.