A soft and resilient, cold-water dispersible polyurethane foam suitable for disposable personal care products is produced by the combination of corn syrup, glycerin, polyether diamine, PEG, a diisocyanate, water and a catalyst. The formulation and reaction conditions for forming the inventive foam are judiciously selected and carefully controlled to achieve water dispersibility and the desired mechanical properties. The characteristic resiliency, or percent rebound for the foams was generally over 75% and the foams are readily produced as soft foams, exhibiting a relative compression value of from 20% to 150% of that of a commercial polyurethane foam cosmetic pad which is not water dispersible. The foam may be incorporated into webs or stackable products or nestable three-dimensional products.