Heat oven to 350 degrees. Spread oatmeal in an ungreased baking pan, and toast until it is lightly browned, about 11 minutes, shaking once. Set aside to cool.
In a medium bowl, combine peanut butter and nonfat dry milk. Stir in toasted oatmeal, and set aside.
In a small saucepan over medium heat, melt butter. Stir in honey. Pour the butter mixture over the peanut-butter mixture, and stir until well combined. Allow to cool slightly.
Shape into about forty logs, each about 2 1/2 inches long. Place the logs onto a wire rack or a parchment-lined baking sheet, and set aside.
Place chocolate morsels in a small heat-proof bowl or the top of a double boiler, and set the bowl over a pan of gently simmering water. Stir occasionally until chocolate is melted, about 2 minutes. Remove from heat, and transfer melted chocolate to a pastry bag fitted with a #3 plain round tip. Pipe chocolate onto the cookie logs. Serve immediately, or store in an airtight container, refrigerated, up to 1 week.