In a medium saucepan combine vanilla-flavored candy coating, sweetened condensed milk, and preserves. Cook and stir over low heat until melted. Remove from heat; stir in raspberry oil or flavoring. Transfer to bowl. Cover and chill 2 to 3 hours or until just firm. With damp hands, shape into 3/4-inch balls; place on parchment or waxed paper lined 15x10x1-inch pan. Chill 1 hour.
Meanwhile in a small saucepan melt chocolate-flavored candy coating over low heat until smooth. Dip raspberry balls into chocolate mixture to coat; let excess chocolate drip off. Place on parchment or waxed paper lined baking sheet until chocolate is set, about 15 minutes. Makes 4 dozen.