Cut each roll into fourths. Coat each piece with sugar. Arrange evenly in the bottom of a sprayed 10-inch round baking dish.
Heat the peanut butter in the microwave for about 20 seconds and drizzle over rolls. Heat the jelly for about 30 seconds and drizzle over rolls.
Cover with sprayed plastic wrap and let rise until double in size.
Place on a baking sheet to catch any drips and bake at 350°F 15-20 minutes.