Line a shallow baking pan with parchment paper and set aside. Place wafers and cocoa mix in a food processor bowl and pulse wafers into fine crumbs. Add pudding and Reddi-wip, then pulse until the mixture comes together and forms a ball. Add marshmallows and pulse until they are cut into small pieces.

Roll the wafer mixture into 1-inch balls and place on the prepared pan. Freeze for 30 minutes or until set.

Place white morsels and oil in a small microwave-safe bowl. Microwave on HIGH for 30 seconds, then stir. Microwave again on HIGH for another 30 seconds or until softened, then stir until fully melted. Roll each truffle in the melted mixture until evenly coated. Remove with a fork, letting excess drip off. Place back on the pan and sprinkle some colored sugar if desired.