In a mixing bowl, beat the softened cream cheese until smooth.

Gradually add the powdered sugar and vanilla extract, mixing until well combined.

Chill the mixture in the refrigerator for about 30 minutes to firm up.

Once chilled, scoop out tablespoons of the mixture and roll them into balls.

Place the truffle balls on a baking sheet lined with parchment paper and freeze for about 15 minutes.

In a microwave-safe bowl, melt the semi-sweet chocolate chips with 1 tablespoon of vegetable oil in 30-second intervals, stirring until smooth.

Dip each truffle into the melted chocolate, allowing excess to drip off, then return to the baking sheet.

Melt the white chocolate chips separately using the same method as the semi-sweet chocolate.

Drizzle the melted white chocolate over the dipped truffles and immediately sprinkle with red and blue sprinkles.

Refrigerate the truffles for at least 30 minutes to set before serving.