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In a microwave or over a double broiler, melt white chocolate and vegetable oil. Set aside.
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In a large bowl, mix together Chex cereal, pretzels, peanuts, and 1/4 cup of mini m&ms.
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Pour melted white chocolate over the cereal, and stir carefully until coated.
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Pour powdered sugar in a Ziplock baggy, pour cereal mixture in as well, zip it up, and shake.
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Once the powdered sugar is mixed into the cereal, pour it into a bowl, and sprinkle the remaining m&ms on top (this way there's pretty red and green colors throughout).
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Enjoy!