LINE baking sheets with waxed paper.
PLACE morsels in large, microwave-safe bowl. Microwave uncovered 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.
Kids will love scooping and dropping the dough onto lined sheets. Don't be too finicky about finished shapes. Let the kids be creative!