1In medium bowl, stir together Bisquick mix, milk, sugar and eggs. Add peanut butter; stir until combined.
2Heat griddle or skillet over medium-high heat (375°F). Brush with vegetable oil if necessary (or spray with cooking spray before heating). For each pancake, pour about 1/4 cup batter onto hot griddle. Cook about 3 minutes or until edges are dry and bubbles form on top. Turn; cook other side until golden brown.
3Meanwhile, in small saucepan, heat jelly over low heat. In small bowl, mix cornstarch and water; add to jelly and stir until smooth.
4Serve pancakes with jelly syrup.