SPREAD jelly onto cake slices. Arrange half of the cake slices, jelly-sides up, on bottom of 13x9-inch pan.
STIR peanut butter in medium bowl with wire whisk until creamy. Gradually add milk, stirring until well blended. Add dry pudding mixes. Beat 2 min. or until well blended.
SPOON half of the pudding mixture over cake slices in pan; top with layers of the remaining cake slices, jelly-sides up, and remaining pudding mixture. Spread whipped topping over pudding mixture. Cover and refrigerate at least 1 hour before serving. Cut into 12 pieces. Store leftover dessert in refrigerator.