Prepare the Cake: Bake the red velvet cake according to the package instructions or your favorite recipe. Allow it to cool completely.

Make the Cake Mixture: Crumble the cooled cake into a large bowl. In a separate bowl, mix the softened cream cheese, confectioners’ sugar, and vanilla extract until smooth. Combine the crumbled cake with the cream cheese mixture until fully incorporated. You should have a dough-like consistency.

Shape the Truffles: Roll the mixture into 1-inch balls and place them on a baking sheet lined with parchment paper. Refrigerate the truffles for at least 1 hour, until firm.

Coat the Truffles: Melt the white chocolate chips or red candy melts with the vegetable oil in a microwaveable bowl, stirring every 30 seconds until smooth. Dip each truffle into the melted chocolate, making sure it’s evenly coated. Use a fork to lift out the truffles, letting the excess chocolate drip off. Place the coated truffles back on the parchment-lined sheet.

Decorate the Truffles: Immediately sprinkle the tops with red sanding sugar or sprinkles before the chocolate sets.

Set the Truffles: Let the truffles rest until the coating is completely set. You can refrigerate them to speed up the process.