1. Line a jelly-roll pan with parchment paper.
2. Place chocolate in a small microwave-safe bowl. Microwave at HIGH 1 minute or until chocolate melts, stirring every 15 seconds. Stir in peanut butter until smooth. Working with 1 pretzel at a time, dip and roll 1 end of pretzel in chocolate mixture to coat. Place pretzel on prepared pan. Repeat procedure with remaining pretzels and chocolate mixture. Place in freezer for 30 minutes or until set.
Make-ahead tip: Dip the pretzels, and store in the fridge on a parchment-lined tray up to five days ahead. Set out shortly before serving, but not too far ahead, as the chocolate may melt.