Line a large baking sheet with parchment paper.
In a large bowl, combine Corn Chex cereal, mini pretzel twists, Cap'n Crunch cereal, Honey Nut Cheerios cereal, peanuts, and pastel M&M's.
In a microwave-safe bowl, combine white chocolate chips and vegetable oil. Microwave for 30 seconds, stir, then microwave for an additional 30 seconds. Stir until smooth. If needed, microwave for a few more seconds, stirring until completely melted.
Pour the melted chocolate over the cereal mixture and stir gently until all pieces are evenly coated.
Spread the mix evenly on the prepared baking sheet and evenly pour the sprinkles on top. Chill in the fridge for about 10 to 20 minutes until firm, then break into pieces.
Serve and enjoy your bunny bait!