BLEND a small amount of the milk into peanut butter in large bowl; stir in remaining milk. Add pudding mix. Beat with wire whisk 2 minutes or until well blended.
STIR water into jam. Spoon about 1/4 cup pudding mixture into each of 4 dessert glasses. Top with 1/2 of the jam. Repeat layers. Top with additional jam, if desired.
REFRIGERATE until ready to serve. Store leftover dessert in refrigerator.