Place peanuts in the bowl of a food processor and pulse to grind. With the motor running, add peanut oil for smooth consistency. In a medium-size bowl, combine ground peanuts, powdered sugar, graham-cracker crumbs, and melted butter. Mix until well combined. Form into 1-inch balls. Place on a baking sheet lined with wax or parchment paper. Refrigerate until peanut balls are hardened.
In a double boiler over simmering water, melt chocolate and cream. Dip balls into melted chocolate. Place on a baking sheet lined with parchment and chill in refrigerator. Serve in mini-cupcake paper liners.