Cook potatoes in medium saucepan of salted boiling water until tender, about 15 minutes. Drain; return to saucepan. Mash until smooth; transfer to processor. Bring milk to simmer in heavy small saucepan.
Add hot milk, butter, and truffle oil to potatoes; blend until smooth. Season with salt and white pepper. DO AHEAD Can be made 4 hours ahead. Cover and chill. Stir over medium-low heat to rewarm.
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