Combine chocolate chips, peanut butter, and coconut oil in a saucepan over low heat. Stir regularly until the chocolate chips are melted. Remove from heat.
Use a fork to dip pretzels in the chocolate, gently tapping over the pan to allow excess chocolate to drip away. Place the pretzel on the waxed paper. You can dip 5 to 6 pretzels at a time. Add sprinkles if using.
Place the tray of still-wet chocolate-covered pretzels in the fridge to allow the chocolate to set.
When they’re ready, remove the pretzels from waxed paper and place them in a lidded container. Store them in the fridge for up to 10 days. They can be frozen for up to 2 months.
If you're using vegan white chocolate, it will have to be dipped several times.
Notes
If you don't want to use peanut butter, substitute 1 teaspoon coconut oil.For vegan white chocolate covered pretzels, melt vegan white chocolate (with no add-ins like peanut butter or oil). Then dip pretzels in the white chocolate. You may need to dip them twice to get them fully coated.Add drizzles of melted vegan white chocolate to dark-chocolate-covered pretzels. Or drizzles of melted dark chocolate to white-chocolate-covered pretzels.