Combine first eight ingredients, mixing well; shape into 36 one-inch meatballs.
Cook in oil over medium heat for 10 to 15 minutes or until browned.
Drain on paper towels.
Combine grape jelly and chili sauce in a large skillet. Cook over medium heat, stirring until well combined, about 3 minutes.
Place cooked or thawed meatballs in a single layer in skillet coating each meatball evenly with sauce. Cover; simmer 10 minutes stirring occasionally, until sauce is bubbly and meatballs are heated through.
Transfer glazed meatballs to a chafing dish or slow cooker.