In blender, combine all ingredients until mixture becomes a smooth, batter-like consistency.

Heat ungreased pan over medium-high. Pour in batter to form a medium-size circle. When pancake starts to bubble, flip using spatula. When ready, transfer to plate. Repeat with remaining batter. (Stack pancakes to keep warm.)

Remove two pancakes from the stack. Spread peanut butter on one pancake, spread jelly on the other. Sandwich pancakes together and slice in half (if desired). Repeat with remaining pancakes.