Line a baking sheet with a piece of parchment paper.
In a large mixing bowl, combine butter, peanut butter, and vanilla. Beat using a hand or stand mixer until creamy.
Mix in powdered sugar 1 cup at a time until you have the consistency you’d like.
Spoon peanut butter mixture into small balls and place on your parchment paper lined baking sheet. Freeze peanut butter balls for 15 minutes.
Place white chocolate chips in a microwave-safe bowl and heat on 50% power for 3-4 minutes, stirring every 30 seconds until melted.
Place a toothpick in the center of each peanut butter ball and dip into melted chocolate. Leave the top 1/4 uncoated and place back on parchment paper.
Once dipped, put peanut butter balls in the freezer for 5 minutes.
Scoop the rest of the melted white chocolate into a sandwich bag and cut a small tip off a corner. Drizzle over each peanut butter ball and immediately top with sprinkles.