In a food processor, crush the Oreos until fine crumbs form. Transfer the mixture to the bowl of an electric mixer and combine with the cream cheese until smooth.
Form the mixture into 30 balls of equal size and place on a baking sheet lined with parchment. Freeze the truffles for 30 minutes.
Melt the white chocolate in a microwave safe bowl for 30 seconds and stir. Continue to microwave at 15 second intervals until completely melted. Remove the truffles from the freezer and dip one in the chocolate, turning to coat completely. Return the truffle to the baking sheet and allow to harden. Repeat with the remaining truffles until all are coated in chocolate.
Melt the red chocolate in a microwave safe bowl for 30 seconds and stir. Continue to microwave at 15 second intervals until completely melted. Transfer to the chocolate to a squeeze bottle, piping bag or ziplock bag with the corner snipped of. Decorate your truffles with the chocolate and sprinkles, if using.
Allow the chocolate to harden. Store in an airtight container in the refrigerator.