If you want to write picture books, you need to read, read, and read! Read picture books that you want to write and study the format, conflict, characters, etc... There's so much more that goes into a picture book than most people think. That's why it's also a good idea to read How-To Books. How-To Books have been an enormous help for me with my writing and, unless you're one of those gifted writers that can spit out a polished transcript the first time, they are an essential tool.
Some books that I found extremely helpful were Eve Heidi Bine-Stock's How to Write a Children's Picture Book Series. 
How to Write a Children's Picture Book: Learning from The Very Hungry Caterpillar, Chicka Chicka Boom Boom, Corduroy, Where the Wild Things Are, The Carrot Seed, Good Night, Gorilla, Sylvester and the Magic Pebble, and Other Favorite Stories
How to Write a Children's Picture Book Volume II: Word, Sentence, Scene, Story: Learning from Leo the Late Bloomer, Harry the Dirty Dog, Lilly's Purple ... Purple Crayon, and Other Favorite Stories
How to Write a Children's Picture Book Volume III: Figures of Speech: Learning from Fish is Fish, Lyle, Lyle, Crocodile, Owen, Caps for Sale, Where the Wild Things Are, and Other Favorite Stories
If you're not sure you want to invest the money in these books, check out Jan Field's interview with Eve Heidi Bine-Stock on the Institute of Children's Literature website. 
You'll find a wealth of information on picture books in this informative transcript -- all based on questions that other writers sent in. Did you know that if you can't think of the title of a book that you read, there's a website that allows you to type in the plot, some characters, scenes, etc. and it will help you find the title/ author of the book? Check out "BookSleuth" at www.abebooks.com. Learn other valuable tools and information such as this by reading the transcript. You'll be glad you did.
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By: Lori Calabrese,
on 7/3/2008
Blog: Lori Calabrese Writes! (Login to Add to MyJacketFlap)
JacketFlap tags: Institute of Children's Literature, How to Write a Children's Picture Book, Eve Heidi Bine-Stock, Add a tag
By: The Class of 2k8,
on 2/12/2008
Blog: 2k8: Class Notes (Login to Add to MyJacketFlap)
JacketFlap tags: A Curse Dark As Gold, the opposite of invisible, the opposite of invisible, A Curse Dark As Gold, Add a tag
T.I.P. #1
Looks like a few members cut class this past weekend! Some flew in to New York for the SCBWI conference; others just took this opportunity to meet in person for the first time.
Whatever the reason, it was time well spent. And we're sure they've collaborated on some creative excuse notes!
From left to right:
Kristin O’Donnell Tubb (Autumn Winifred Oliver Does Things Different)
Donna Freitas (The Possibilities of Sainthood)
Courtney Sheinmel (My S0-Called Family)
Marissa Doyle (Bewitching Season)
Nina Nelson (Bringing the Boy Home)
T.I.P. #2
Bookshelves of doom has been blabbering (in a good way, of course) about Elizabeth Bunce’s A Curse Dark As Gold.
And click HERE to find out why they suggest reading Liz Gallagher’s The Opposite of Invisible TWICE!
Thanks for your support and your entertaining posts, Bookshelves!
Tomorrow, we'll get back to the task at hand--that list you've been waiting for, that "list you can't miss"--
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Great post...first read about it in the ICL newsletter...well done! I like your writer's recommendations column..eye catching.
Warmly,
Donna