Spread peanut butter over the flat side of 10 vanilla wafers, about 1 teaspoon on each. Top each with a Popsicle stick and another vanilla wafer. Place on a waxed paper-lined baking sheet; freeze for 7 minutes.
In a microwave, melt candy coating and shortening; stir until smooth. Dip cookie pops into chocolate; allow excess to drip off. Return to baking sheet.
Decorate with baking bits if desired. Freeze for 5-6 minutes or until chocolate is set. Store in an airtight container at room temperature.