Mix all ingredients in a bowl until smoothly incorporated.
Form balls using a tablespoon scoop and place the balls on a tray lined with parchment or wax paper. Refrigerate for 2-3 hours.
Prepare chocolate for dipping by microwaving 1 cup chocolate chips and 4 tbsp of oil for 1 min. Continue to mix until all chips are melted, do not overheat.
Using a fork dip each ball in chocolate and return it to the tray to cool. Decorate with chopped peanuts or drizzle with chocolate.