[01][0-9]:[0-5][0-9]:[0-5][0-9] (AM|PM)
Corresponds to your example.
[01]\d(:[0-5]\d){2} (AM|PM)
if you want to simplify it.
EDIT: As indicated in the comment, this will not work, try the following: ([01][0-2]|0?[1-9])(:[0-5][0-9]){2} (AM|PM)
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