I just plugged in my old 120MB USB MaxDrive stick to check the format and it says FAT16.
So if you want your stick exactly like the MaxDrive FAT16 format you'll probably need some utility that formats media in that mode (I don't think Windows7 does, not sure I just know it doesn't do FAT32). I formatted a couple of my old external USB drives in the past in FAT32 mode using "EASEUS Partition Master Free for Home Users" so I imagine that would be a simple easy choice to format a drive in FAT16 mode too. Or just Google around, there might be some better utilities out now, haven't used that program in a while. Hope that helps bro.