Roll out pizza dough on a lightly floured surface to 1/8 -inch thickness. Using a round cookie cutter or glass 3-inches in diameter, cut circles of dough (re-roll leftover dough).
Place 1/2 teaspoon each of peanut butter and jelly in the center of each circle – do not spread. Wrap dough around filling and pinch shut. Place seam side down on a greased cookie sheet. Brush tops lightly with water or an egg wash, (1 egg beaten with 1 tablespoon water). If desired, sprinkle cinnamon and sugar on top before baking.
Bake for 15 to 17 minutes until lightly browned. Serve warm. Let cool at least 10 minutes before serving; jelly gets extremely hot. To reheat, place in microwave oven on medium heat, about 5 seconds per puff.