Mix corn flakes cereal, confectioners' sugar, peanut butter, and butter together in a bowl. Scoop mixture using a melon baller into balls and arrange on a plate or baking sheet. Refrigerate until solid, at least 3 hours.
Melt chocolate chips and oil in a microwave-safe glass or ceramic bowl in 30-second intervals, stirring after each melting, for 1 to 3 minutes.
Grease a baking sheet.
Gently roll peanut butter balls in the melted chocolate until evenly coated; arrange on the same baking sheet.