USB FLASH DRIVE (not working)

Hi,

I have a Sandisk USB Flash drive (16gb), and it worked a few times on a new Macbook Pro I got.

I used it on a PC previously, and it worked on the new Mac.....(Mac OS X 10.7), for a bit of time.

But now when I plug it into the Mac I get a message that says, "The disk you inserted was not readable by this computer"

when I click on 'Initialize' as an option from that menu, it takes me to the Disk Utility, and the name of the drive reads as, "8.4 mb chipsbnk flash"

If I select it and go to the Erase tab, the format is defaulted to Mac OS Standard, and from my research, if I want to to work on both Mac/PC, then I have to set it to 'MS-DOS (FAT)' ?

If I do that, will it reformat it and will be able to work?

Thanks for who can help me with this.

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Disk Description : ChipsBnk Flash Disk Media
Total Capacity : 8.4 MB (8,388,608 Bytes)

Connection Bus : USB
Write Status : Read/Write

Connection Type : External
S.M.A.R.T. Status : Not Supported

Partition Map Scheme : Unformatted