Divide the Chex cereal into two separate bowls.
Melt the pink candy melts with 1 teaspoon vegetable oil in 30-second increments in the microwave until fully melted.
Pour the melted pink candy mixture over one bowl of Chex cereal and gently fold to coat.
Place the coated cereal in a ziplock bag, add 1/2 cup powdered sugar, and shake to coat evenly.
Pour the coated cereal onto a wax paper-lined baking sheet and set aside.
Repeat the melting, coating, and powdered sugar process with the red candy melts, remaining vegetable oil, Chex cereal, and powdered sugar.
Place the red coated cereal onto the same baking sheet lined with wax paper.
Allow both coated mixtures to set for 30 minutes.
Mix in the Valentine's Day M&M's and sprinkles.
Enjoy your festive Valentine’s Day muddy buddies!