LINE baking sheets with waxed paper.
PLACE morsels in large, 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 peanut butter until smooth. Add corn flakes; stir until coated.
DROP by rounded teaspoon onto prepared baking sheets. Refrigerate for 20 minutes or until firm. Store in airtight container in refrigerator.