Add peanut butter and softened butter to a large mixing bowl and blend with a mixer on medium until fluffy.
Add vanilla then mix in powdered sugar a 1/2 cup at a time until fully incorporated. It may be crumbly at first but should blend together at the end.
Chill mixture for 30 minutes in the refrigerator.
Then scoop out with a spoon or small ice cream scoop and roll into balls with your hands.
Place on a lined baking tray. You should have about 2 dozen.
Stick a toothpick in the center of each ball.
Chill peanut butter balls for another 30 minutes.
Combine chocolate chips and oil in a small bowl.
Microwave for 45 seconds on high. Stir and continue microwaving for 15 seconds until melted. Stir until smooth.
Remove the balls from the fridge and holding onto the toothpicks, dip each in the bowl of chocolate leaving about 1/4 peanut butter on top.
Place in rows on a lined pan and discard toothpicks.
Smooth out the toothpick holes with your finger or a butter knife.
Place the tray in the fridge to chill until ready to serve.