Combine first 5 ingredients in a large bowl; make a well in center of mixture.
Combine peanut butter and honey; stir in eggs and milk. Add to dry ingredients, stirring just until moistened.
Spoon into greased muffin pans, filling three-fourths full. Spoon 1 teaspoon jelly in center of each.
Bake at 375° for 20 minutes or until golden. Remove from pans immediately, and cool on wire racks. Serve warm with additional jelly, if desired.