Heat the oven to 350°F. Generously coat a 10-inch Bundt or fluted tube pan with nonstick cooking spray or softened butter, taking care to cover the center tube and all decorative ridges.

Combine the granulated sugar and ground cinnamon in a shallow bowl. Separate the biscuits and cut each biscuit into four pieces, creating about 32 small dough portions.

Flatten one dough portion slightly and place about 1/2 teaspoon peanut butter and 1/2 teaspoon jelly in the center. Fold the dough around the filling, pinch the seams firmly closed, and roll the piece in cinnamon sugar.

Repeat with the remaining dough pieces, peanut butter, and jelly. Arrange the filled pieces loosely and evenly in the prepared Bundt pan without pressing them down.

Melt the butter and pour it over the assembled dough, concentrating the butter across the top and into the crevices. Bake for 35 to 40 minutes, until puffed, deeply golden, and cooked through in the center.

Let the monkey bread cool in the pan for about 10 minutes. Invert it onto a serving plate and serve warm, pulling apart the pieces with your fingers or a serving fork.