Line a cookie sheet with wax paper or parchment paper. Cut licorice into forty 1-inch pieces. Set aside.
Crush the cookies into crumbs in either a food processor/blender or a large ziplock bag.
In a medium bowl, combine oreo crumbs with cream cheese into a paste.
Scoop out 1-inch balls, roll in your palms and place on cookie sheet. Freeze 30-60 minutes.
Meanwhile, place the chocolate in a microwaveable bowl. Microwave at 50% power in 30 second intervals, stirring in between until smooth.
Place a toothpick through the Reese's peanut butter cup and into an oreo ball. Holding the toothpick, immerse the ball in white chocolate to coat.
Place the coated ball on the prepared baking sheet with the peanut butter cup facing up.
Press the peanut butter cup onto the ball, and slowly remove the toothpick.
Make a loop out of a piece of licorice, and insert the ends into the peanut butter cup.
Repeat the previous steps for the remaining oreo balls. Place baking sheet in the fridge to chill for at least 15 minutes. Serve and enjoy!