Line a half sheet rimmed baking tray with parchment. Set aside.

In a large bowl, stir together cereal, pretzels, M&Ms, and peanuts. Set aside.

Melt the white chocolate over a bain marie, or double boiler. Remove from heat and stir in the vegetable oil.

Drizzle half of the chocolate over cereal mixture. With a flexible rubber spatula, toss to combine, then drizzle remaining chocolate and toss to combine.

Stir in Christmas sprinkles.

Spread mixture over prepared tray. Set aside and allow to cool at room temperature.

Store in an airtight container at room temperature for up to 1 week.