Heat oven to 375°F. Separate dough into 4 rectangles; press perforations to seal. Press each to form 6x4-inch rectangle.
Sprinkle 1 tablespoon peanut butter chips along one long edge of each rectangle, 1/2 inch from edge. Spread 1/2 teaspoon jam along other long edge of each rectangle, 1/2 inch from edge. Fold both edges of dough to center; press to seal. Press ends of each rectangle to seal. Twist each rectangle twice. Place on ungreased cookie sheet.
Bake at 375°F. for 10 to 12 minutes or until golden brown. Remove from cookie sheet; cool on wire rack for 10 minutes. Sprinkle with powdered sugar.