In a mixing bowl, whisk together the heavy cream, whole milk, sugar, and vanilla extract until the sugar is dissolved.

Add the peanut butter and whisk until fully combined and smooth.

Cover the mixture and refrigerate for at least 2 hours or until thoroughly chilled.

Pour the chilled mixture into an ice cream maker and churn according to the manufacturer's instructions until it reaches a soft-serve consistency.

Transfer the ice cream to a container, layering with spoonfuls of jelly or jam.

Use a knife or spatula to gently swirl the jelly into the ice cream.

Cover the container and freeze for at least 2 hours or until firm.