Step 1: Crumble the pre-baked and cooled cake into a large bowl until it forms fine crumbs.
Step 2: Add the cream cheese frosting to the crumbs and mix thoroughly until a dough-like consistency is formed.
Step 3: Roll the mixture into 24 even-sized balls (about 1.5 inches in diameter) and place them on a parchment-lined tray.
Step 4: Chill the cake balls in the refrigerator for at least 30 to 60 minutes until firm.
Step 5: Melt a small amount of white candy melts. Dip the tip of a lollipop stick into the chocolate and insert it halfway into a cake ball.
Step 6: Melt the remaining white candy melts in a deep bowl. Dip each cake ball into the coating, rotating gently to cover completely.
Step 7: Allow the white coating to set completely before proceeding to the drip stage.
Step 8: Melt the red candy melts and stir in the vegetable oil to create a fluid consistency.
Step 9: Using a toothpick or small spoon, apply the red chocolate to the top edge of the cake pop, allowing it to run down the sides in a drip pattern.
Step 10: Place the finished cake pops in a stand or styrofoam block to set completely before serving.