To deep-fry the squid, heat 2 to 3 inches (5 - 7.5 cm) of the oil in a wok or a frying pan to 350 degrees F (175 degrees C). Gently drop the squid into the oil and loosen them up immediately with a spatula to prevent the squid from clumping together.
To stir-fry, heat the 1/2 tablespoon of oil in a skillet over high heat. Add the scallion, red chilies and stir quickly. Return the fried squid to the skillet and add the salt and white pepper. Stir to combine well. Dish out and serve hot.