Combine oats, peanuts, brown sugar and butter; press onto bottom of 9" springform pan. Bake at 325F degrees, 10 minutes. Increase oven temperature to 450F degrees.
Combine softened cream cheese, sugar, peanut butter and flour, mixing at medium speed on electric mixer until well blended. (Batter will be very stiff.) Add eggs, one at a time, mixing well after each addition. Blend in milk. Pour mixture over crust. Bake at 450F degrees, 10 minutes. Reduce oven temperature to 250F degrees, continue baking 40 minutes. Loosen cake from rim of pan; cool before removing rim. Heat jelly until melted; spoon over cheesecake. Chill.