In a mixing bowl, combine the red velvet cake mix, softened cream cheese, powdered sugar, softened butter, and vanilla extract. Mix until all ingredients are well combined and dough-like.
Using a small cookie scoop or teaspoon, portion out the mixture and roll it into small balls (about 1 inch in diameter). Place the rolled truffles onto a baking sheet lined with parchment paper.
Once all the mixture is rolled into balls, place the baking sheet in the refrigerator for about 15 minutes to help them firm up.
While the truffles are chilling, melt the white chocolate chips and vegetable oil in a melting pot or microwave-safe bowl. Heat in 30-second intervals, stirring in between, until smooth.
Remove the truffles from the refrigerator. Using a fork or dipping tool, dip each truffle into the melted white chocolate, making sure to coat them evenly. Allow excess chocolate to drip off.
Place the dipped truffles back on the parchment-lined baking sheet. If desired, sprinkle red sprinkles on top before the chocolate sets.
Refrigerate the truffles for an additional 10 minutes to let the chocolate harden.
Serve chilled and enjoy your delicious red velvet truffles!