Reserve 1/4 cup chocolate chips for drizzle. In large microwavable bowl, place remaining chocolate chips and 1 1/4 cups whipping cream and jelly. Microwave uncovered on High 2 to 3 minutes, stirring once every minute, until chocolate is melted. Stir until mixture is smooth (jelly may not be totally melted). Refrigerate about 30 minutes or until slightly thickened.