In large saucepan over medium heat, combine marshmallows, butter and oil; stir constantly until marshmallows are melted. Place popcorn and peanuts in a very large bowl; stir in marshmallow mixture. Add chocolate chips; lightly stir into popcorn mixture. Press popcorn mixture into a greased 10″ tube pan; pack firmly. Place in fridge 30 minutes or until set. Unmold onto serving pan. To decorate cake pipe icing onto cake for balloon strings. Blow up balloons and tie onto ends of straws; place in opening of cake. Fill opening with gum balls.
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