MICROWAVE morsels and peanut butter in medium, uncovered, microwave-safe bowl on MEDIUM-HIGH (70%) power for 1 minute; STIR. The morsels may retain some of their original shape. If necessary, microwave at additional 10 to 15-second intervals, stirring just until morsels are melted. Stir in corn flakes and raisins.
DROP by rounded tablespoon onto waxed paper-lined baking sheet. Chill for 20 minutes or until set. Store in airtight container.