Crush the Oreo cookies into fine crumbs using a food processor or a rolling pin in a zip-top bag.

Mix the crushed Oreo cookies with softened cream cheese and vanilla extract until well combined.

Roll the mixture into balls about 1 inch in diameter and place them on a parchment-lined baking sheet.

Melt the white chocolate chips with vegetable oil in a microwave-safe bowl, heating in 30-second intervals.

Dip each truffle in the melted chocolate, allowing excess to drip off, and sprinkle with red and green sprinkles before the chocolate sets.