Private Sub TimeDateTimePicker_ValueChanged(ByVal sender As Object, ByVal e As EventArgs) Handles TimeDateTimePicker.ValueChanged
  TimeDateTimePicker.Format = DateTimePickerFormat.Time
  TimeDateTimePicker.ShowUpDown = True
  DateTimePicker.value = DateTime.Now.ToString("HH:mmtt")
End Sub

DateTimePicker.Format = DateTimePickerFormat.Time

 DateTimePicker.ShowUpDown = True

DateTimePickerFormat.Custom
 DateTimePicker.CustomFormat = "HH:mmtt"
 DateTimePicker.ShowUpDown = True

DateTimePicker.value = DateTime.Now.ToString("HH:mmtt") 'THIS WORKS SEE IMAGE BELOW