In a large bowl, combine the flour, sugar, baking powder, baking soda and cinnamon. In another bowl, whisk the egg yolks, milk, peanut butter and butter; stir mixture into dry ingredients just until moistened.
In a small bowl, beat egg whites until stiff peaks form; fold into batter. Bake in a preheated waffle iron according to manufacturer’s directions until golden brown. Serve with jelly.