Preheat your oven to 350°F. Grease a 9x13-inch pan. Mix the red velvet cake mix with water, oil, and eggs according to the package directions.
Pour the batter into the pan and bake according to the suggested time on the package (approximately 25 minutes), or until the cake is thoroughly baked. Allow the cake to cool completely on a wire rack.
Crumble the cooled cake into a large bowl. Gradually add the cream cheese frosting and mix until the crumbs hold together. If the mixture seems dry, add 1 more tablespoon of frosting at a time until it is a consistency that you can roll into a ball.
Scoop about 1 tablespoon of the mixture and roll it into a ball. Place the balls on a baking sheet and chill them in the freezer for 15 minutes to firm up.
Place the white candy melts and vegetable oil in a microwave-safe bowl. Microwave in 25-second intervals, stirring after each, until smooth. Dip the tip of a cake pop stick into the melted candy and insert it into a chilled cake ball.
Dip each ball completely into the melted candy, allowing any excess to drip off. If using, sprinkle on some sprinkles before the chocolate sets. Set the dipped cake pops on wax paper to harden completely.