Shape into 1" balls. Press one ball on each pretzel. Place on waxed paper-lined baking sheet. Refrigerate until peanut butter mixture is firm, about 1 hour.
In a microwave-safe bowl, melt chocolate chips and oil. Dip the peanut butter balls into chocolate. Return to baking sheet, pretzel side down.
Drizzle with melted peanut butter or decorate with seasonal sprinkles, if desired.
Refrigerate for at least 30 minutes.