Prepare your workspace: Line a baking sheet with parchment paper so your cookies have a clean surface to set on.
Melt the red chocolate: In a microwave-safe bowl, melt the red melting wafers in 30-second intervals, stirring between each, until smooth and glossy.
Dip the cookies: Dip each Oreo about three-quarters of the way into the red melted chocolate, then place it on the prepared baking sheet to harden completely.
Add the white chocolate layer: Using the same melting method, prepare the white chocolate. Dip the opposite side of each cookie into the white chocolate, letting it meet the red for a clean line.
Decorate like Santa’s toy bag: Before the chocolate sets, gently press in mini M&M’s, Christmas sprinkles, and Teddy Grahams (breaking some to fit) to create the look of toys spilling out of Santa’s bag.
Add the finishing details: Drizzle a thin line of white chocolate where the red and white meet, then add two vertical lines to resemble bag strings.
Sprinkle on the sparkle: Dust the white section with white sanding sugar to give your Christmas chocolate Oreos a snowy, magical effect.
Let them set: Allow the cookies to harden completely before serving or packaging them up for holiday gifts.