In a food processor or blender, blend vanilla wafers into a fine powder. You will need 1.5 cups of Nilla Wafer crumbs. About 1/2 of the box of Nilla Wafers yielded this amount for me.
Transfer the crumbs into the bowl of an electric mixer. Add oil, water, and melted butter to the crumbs and mix in the electric mixer using the paddle attachment until fully combined and mostly smooth.
Add the vanilla bean, vanilla extract, and salt and continue to mix
Reduce the speed of the mixer and slowly add the powdered sugar, 1/2 cup at a time. Once the powdered sugar is fully incorporated, the mixture will look dry but will form a smooth ball which holds together when rolled between your palms. If the mixture is too dry for a ball to form, add canola oil, 1 tablespoon at a time, until the mixture can form a ball.
1 tablespoon at a time, form the buckeye dough into a ball and lay on a cookie sheet lined with parchment paper or foil sprayed with cooking spray.
Refrigerate balls for at least 30 minutes. Alternatively, you could put them in the freezer for about 15.
While buckeyes are cooling, melt white chocolate using a double boiler.
Once the white chocolate is warm and smooth, add a pinch of salt to cut the sweetness, about 1/8 teaspoon.
Using a toothpick, dip each ball into the white chocolate, leaving the top uncovered. Put dipped buckeye back on the parchment paper and allow chocolate to set completely.
Once all buckeyes are dipped and the chocolate is fully set, transfer to a container and store in the fridge.