In a large bowl, beat the sugar blend, butter and oil until well blended. Beat in eggs and extract. Combine the flour, baking powder, salt, allspice and baking soda; gradually add to butter mixture and mix well. Beat in food coloring.
Using a cookie press fitted with a wreath-shaped disk, press dough 1 in. apart onto ungreased baking sheets. Decorate with holiday sprinkles.
Bake at 375° for 7-10 minutes or until set (do not brown). Remove to wire racks.