In a mixing bowl, combine the sugar cookie crumbs, softened cream cheese, and vanilla extract. Mix until well combined and a dough forms.

Using your hands, roll the mixture into 1-inch balls and place them on a baking sheet lined with parchment paper. Refrigerate for about 30 minutes to firm up.

While the truffles are chilling, melt the white chocolate chips and vegetable oil together in a microwave-safe bowl. Heat in 30-second intervals, stirring in between, until smooth.

Once the truffles are firm, dip each ball into the melted white chocolate, allowing any excess to drip off. Place them back on the parchment-lined baking sheet.

Before the chocolate sets, sprinkle the tops with colorful sprinkles for decoration. Let the truffles sit at room temperature until the chocolate hardens, about 30 minutes.

Store the truffles in an airtight container in the refrigerator until ready to serve.