In a large pan with a lid, set heat to medium and add your oil.
Toss in the popcorn. Stir occasionally. When the first few kernels pop, place the lid on pan. Swirl contents in the pan occasionally until all the kernels have stopped popping.
Spread popped popcorn out on a cookie sheet.
Melt white chocolate melting wafers in a microwave, stirring every 20 seconds until melted.
Drizzle melted white chocolate over popped popcorn. Stir until popcorn is coated.
Sprinkle with Watkins Rainbow Sprinkles while the chocolate is still wet.
Set aside to cool and dry for at least 10 minutes.
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