Put popcorn in a large mixing bowl.

In a small microwave-safe bowl, combine white chocolate chips, peanut butter chips, and canola oil. Microwave for 30 seconds, remove and stir. If the chips haven't melted completely, put it back in for another 30 seconds; remove and stir until the mixture is smooth. Whisk in pudding mix.

Pour the peanut butter mixture over the popcorn and toss until all the popcorn is coated. Turn onto a sheet of wax paper and spread into a single layer. Sprinkle with sprinkles. Let cool completely before serving.