Beat the 2 eggs in a large mixing bowl. Add the sugar and vanilla and beat well. Add the oil and milk, beating to combine.
Sift in the flour and baking powder together and stir into the egg mixture.
Wrap dough in wax paper and refrigerate for one hour.
Preheat your oven to 350. Remove dough from fridge, and knead dough on a well floured surface until smooth with a waxy texture (just a few minutes will do).
Break off two tablespoon portions and form into round balls. Place each portion on a greased cookie sheet and bake for 15-20 minutes.
Transfer cookies to a wire rack and allow to cool slightly. Mix your frosting ingredients in one bowl, and pour about a half cup or so of sprinkles in another bowl. Then, take each cookie and dip into the frosting, covering the top. Followed by dipping in your sprinkles. Place back on to your wire rack.