Place about 5 Halloween Peeps into a microwave-safe bowl.
Drizzle 1 tablespoon of vegetable or coconut oil over the Peeps to help reduce stickiness and create stretch.
Heat in the microwave for about 20 to 30 seconds until puffed and gooey. Carefully remove the bowl (it will be hot).
Stir in 1 tablespoon of cornstarch at a time, up to 3 tablespoons, until the mixture thickens into a doughy slime.
Once cool enough to touch, dust your hands with cornstarch and knead until smooth and stretchy. Add more cornstarch if needed.
Stretch, twist, and squish the Peeps slime!