I used to hate when I'd send a kid to timeout and give them busy work or just let them sit there waiting for us to talk. This is a reflection sheet that I use for students to reflect on poor decisions and write about what happened. They answer questions such as: Why was my decision a problem?, Why did I do this?, and What is my plan for next time?.
It is a great thing for them to do while they are cooling down, the writing seems to give them something else to do so they aren't sitting and getting angry. It also allows me to keep teaching while they are writing. Then, when I have time, we can quickly and efficiently discuss what happened without going through the "I don't know" responses - they've already had time to think about it! Plus there is a form to send home to parents without me having to do anything. :)
I use this page with 2nd graders but it could easily be used with 1st-5th graders. Some kindergarten students could do it or they could say the answers to an adult who could record them.