Heat oven to 350°F. Spray large cookie sheet with cooking spray.
Separate dough into 8 biscuits. Separate each biscuit into 2 layers; spread about 1/2 teaspoon preserves between layers, then put biscuits back together. Pinch edges together to seal. Cut biscuits in half. Place 2 halves on cookie sheet with round edges overlapping slightly to look like butterfly; press together where round edges touch. Make 7 more butterfly biscuits.
Spread remaining preserves on tops of biscuits; sprinkle each with orange peel and about 1/2 teaspoon sparkling sugar.
Bake 12 to 15 minutes or until golden brown. Cool 5 minutes.
Meanwhile, in small bowl, beat whipping cream until soft peaks form. Beat in 2 teaspoons sugar and the vanilla.
To serve, arrange strawberry slices on tops of butterfly biscuits for wings; pipe whipped cream to form body and antenna of each butterfly.