Step 1

In a small saucepan, gently heat jelly over medium; whisk until smooth. Transfer to a piping bag and snip a small hole at the very tip. Pipe jelly onto rim of a chilled 16-ounce milkshake glass, allowing it to drip down sides. Repeat piping at 1- to 2-inch intervals. Freeze glass 30 minutes.

Step 2

In a blender, combine ice cream, milk, and powdered peanut butter. Blend until smooth; pour into prepared glass. Top with whipped cream and toast; serve immediately.