Make the Filling: Mix the crushed vanilla wafers, cream cheese, banana pudding mix, milk, and vanilla extract until a dough forms.
Shape the Truffles: Roll the mixture into 1-inch balls and place them on a parchment-lined baking sheet. Chill for 30-45 minutes.
Melt the Chocolate: Melt the white chocolate in the microwave, stirring every 30 seconds until smooth. Add food coloring if desired.
Coat the Truffles: Dip the chilled truffles into the chocolate, letting the excess drip off.
Decorate: Sprinkle with crushed wafers, sprinkles, or chocolate drizzle.
Set and Serve: Let the truffles set for 15-20 minutes, then serve in a decorative bowl or gift box.