Heat oven to 425°F. Spray 13x9-inch (3-quart) glass baking dish with cooking spray.
Separate each can of dough into 10 biscuits; flatten each biscuit into thin round. Spread about 1 teaspoon peanut butter on center of each round; top each with 6 to 7 chocolate chips. Fold edges up and over filling; pinch to seal. Place biscuits, seam sides down, in baking dish.
In small bowl, beat egg and water. Lightly brush tops of biscuits with egg mixture. Sprinkle with sugar.
Bake 15 to 20 minutes or until golden brown.
In small saucepan, heat jam over medium heat until warmed. Serve biscuits warm with jam.