Place Oreo cookies and cream cheese in the bowl of a food processor. Process until mixture is smooth and combined, about 1-2 minutes.
Scoop 1 tablespoon sized balls and roll between your palms. Place on a wax paper lined cookie sheet and chill until firm.
Melt candy melts according to package instructions, heating in 30-60 second intervals and stirring until smooth.
For peanut butter coating: halfway through melting candy melts, stir in peanut butter until smooth and fully combined.
Dip each chilled Oreo ball into melted candy coating, tap off excess, and place back on wax paper. Use a toothpick to transfer.
Optional second dip if coating appears thin or uneven. Chill truffles until fully set.
Decorate with sprinkles or crushed Oreos while coating is still wet. Chill again until set.
Notes
Store Oreo truffles in an airtight container in the refrigerator for up to one week. Allow to come to room temperature before serving for best flavor and texture.