Combine pretzels, cheerios, corn chex, peanuts, and m&m’s into a VERY large bowl. If you don't have a big enough bowl, use two and put equal amounts of each ingredient in both bowls.
In a microwave-safe bowl, microwave chips and oil on medium-high for 2 minutes. Stir, and then continue to microwave in 10-second intervals until completely melted and smooth.
Pour white chocolate over cereal mixture and mix well with a rubber spatula or clean hands. Add sprinkles after it is mostly coated (optional).
Spread out over 3 waxed paper-lined baking sheets and let cool completely. Break apart and store in an airtight container.