In a small heat-safe bowl, melt your Reese peanut butter chips according to the package directions. Once melted and smooth, transfer the melted Reese peanut butter into a piping bag or a zip lock bag with a hole cut in the corner.
Pipe the melted Reese’s peanut butter into each of the 3 holes in your mini chocolate-covered pretzels. Do this over parchment paper to prevent them from sticking to your surface. Fill them enough to fill each hole. Set them aside for about 10 minutes to set (harden).
In a medium heat-safe bowl, coat your red melting wafers with vegetable oil and then melt them according to package instructions. The vegetable oil will thin the red chocolate enough to smoothly coat the pretzel without being chunky.
Once the red chocolate is melted and smooth, dip each chocolate-covered pretzel in leaving just a tiny bit of the bottom of the pretzel out. This will be the love bug’s head, so you don’t want to coat it in red.
Let the excess red chocolate drip back into the bowl and then set the love bug aside on parchment paper.
Before the red chocolate has completely hardened, place a large pink sprinkle on each side of the bug, and point toward the head.
Using the back icing, “glue” 2 eyes to each bug where there is no red chocolate.
Set your love bugs in a refrigerator for at least 20 minutes to harden, and then serve at room temperature or chilled.