Let pizza dough sit at room temperature for 30 minutes. Pat out into a disc and sprinkle with pepperoni and cheese. Knead until the pepperoni and cheese are incorporated into the dough. Shape into a ball and divide into 12 pieces. Roll each piece into a ball. Cover with a clean kitchen towel and let rest for 30 minutes.
Preheat oven to 400F.
Roll each piece of dough into a 14-inch long rope. Shape into a pretzel or cut in half and twist together. Put on a baking sheet. Brush lightly with oil. Bake until golden brown, 15 to 20 minutes.