There's no hard and fast rule about the Oxford comma.
* Some style guides require it: The Associated Press (AP) style guide, for example, mandates the Oxford comma.
* Other style guides don't: The Chicago Manual of Style generally prefers it but allows it to be omitted in certain cases.
Here are the two ways to write the list:
With the Oxford comma:
* My favorite things are chocolate, peanut butter, and ice cream.
Without the Oxford comma:
* My favorite things are chocolate, peanut butter and ice cream.
The key is to be consistent within your own writing. Choose one style and stick with it.
Here's a tip: The Oxford comma can help prevent ambiguity, especially in certain cases:
* "I invited my mother, my father, and my aunt to the party." This clearly shows three guests.
* "I invited my mother, my father and my aunt to the party." This could be interpreted as two guests (a mother and a father who are also an aunt).
Ultimately, it's up to you!