I also got some help from a member on the Korg Pa500 forum on how to do this...
"While in PAD EDIT or RECORD mode press MENU and select PAD TRACK CONTROLS - Then set PAD TYPE to LOOP. Then WRITE the pad.
I cobbled up a pad for you here ... unzip and load set - it has the Jungle Bells pad in USER PAD 01 - Eight to a measure"
Jingle Bells Pad Enjoy Thoraldus