Place heavy cream, Tabasco sauce, chili powder, salt and cinnamon in a small saucepan over medium heat. Add chocolate chips and 1 Tbsp of oil.
Stir until melted and smooth. Remove from heat and transfer to a bowl. Cover and refrigerate overnight.
Scoop by 1/2 Tbsp balls and place on parchment lined baking sheet. Refrigerate for 30 minutes to firm up from handling. Sprinkle with powdered sugar or roll in red and green sugar before serving.