Place morsels in a microwave safe bowl and heat 25 seconds. Stir. Repeat. Continue until chocolate is melted and smooth.
Spoon melted chocolate into mold, about half full. Place marshmallow Peep over the chocolate.
Place in refrigerator 10 minutes, or until chocolate is set and hard.
Pop the chocolate marshmallows out of the mold and place a straw/stick through the bottom of the Peep.