Combine cream cheese and butter in a medium mixing bowl; beat until smooth. Add flour, mixing well. Shape dough into a ball; chill for 30 minutes.
Roll pastry to 1/8-inch thickness on a lightly floured surface; cut dough into 2-inch squares. Place 1/4 teaspoon of jelly in center of each square. Lift opposite corners of pastry squares, and pinch together in center. Repeat with remaining corners.
Place on an ungreased baking sheet; bake at 450° for 8 minutes or until lightly browned.