Line an 8-inch x 8-inch square pan with aluminum foil. Set aside.
Add the white chocolate, sweetened condensed milk, frosting, strawberry sauce, and oil to a medium saucepan. Melt everything together over low heat, constantly stirring to prevent burning.
Once the fudge mixture is smooth, pour it into the prepared pan. If desired, add sprinkles on top or place dots of strawberry sauce in a 4x4 grid pattern and cut a knife through each dot to create a heart.
Chill in the fridge for at least 4 hours until set. Cut in 16 squares and enjoy.