Shape into 1" balls. Place on waxed paper lined baking sheets. Refrigerate until peanut butter mixture is firm, about 1 hour.
In a microwave safe bowl or heavy saucepan, melt chocolate chips and oil. Dip each ball into the chocolate. Return to baking sheet.
Drizzle with melted peanut butter, if desired or decorate with seasonal sprinkles.
Refrigerate at least 30 minutes before serving. Store in refrigerator.