Bake the Cake:
Prepare and bake the red velvet cake according to the package instructions. Allow it to cool completely.
Make the Truffle Mixture:
Crumble the cooled cake into a large bowl until it resembles fine crumbs.
Add the cream cheese frosting and mix until the mixture holds together like dough. Start with 1/4 cup frosting and add more as needed.
Form the Truffles:
Roll the mixture into 1-inch balls and place them on a baking sheet lined with parchment paper.
Chill in the refrigerator for at least 1 hour or in the freezer for 20-30 minutes to firm up.
Coat the Truffles:
Melt the chocolate chips in a microwave-safe bowl in 20-second increments, stirring between each until smooth. Add vegetable oil if the chocolate needs to be thinned.
Dip each chilled truffle into the melted chocolate, ensuring it’s fully coated. Use a fork to lift the truffle, letting the excess chocolate drip off. Place back on the parchment paper.
Decorate:
While the chocolate is still wet, sprinkle with decorations like sprinkles or crushed cookies.
Alternatively, let the coating set and drizzle with contrasting chocolate for a decorative touch.
Set and Serve:
Let the truffles set at room temperature or in the fridge until the coating is firm. Serve chilled or at room temperature.