Preheat oven to 375 degrees. Spray a pie plate or square baking pan with non-stick cooking spray.
Unroll the crescent dough without breaking into the pre-cut triangles. You should have two square pieces. Press together the perforated lines gently to close the gaps. Spread 2 tbsps of jelly on each square. Spread almost all the way to the edges.
Sprinkle a bit of cinnamon over the jelly. Gently roll up, as tight as possible, but without oozing all the jelly out. Slice in about 1-inch pieces. Place into prepared baking pan. Bake for 18-20 minutes or until golden brown.
While the rolls are baking, prepare the frosting. Add butter to a medium bowl, beat until smooth. Beat in peanut butter, vanilla, powdered sugar, and milk/water. Beat until smooth. Add more powdered sugar for a thicker consistency, or more milk/water for thinner consistency.
Allow rolls to cool slightly before frosting. Enjoy immediately!