Line a 9" x 5" loaf pan with parchment paper.
Transfer the dough to a lightly floured surface, punch down, divide into 2 portions, cover one to prevent it drying out while working with the other. Roll into approximately about an 12 - 18 rectangle.
Spread 1/3 cup of peanut butter over dough, leaving about 1/2 inch border along one short side. Spread 1/2 cup of your favorite jam or jelly over the peanut butter and scatter about 1/2 cup of roughly chopped roasted peanuts over the jelly, if desired.
Starting with the filling covered short end, steadily and evenly roll it up, sealing the edge. Rolling for the short side gives you more layers.
Using a sharp knife, cut dough in half, lengthwise. Turn dough cut side up and place beside each other.
Starting in the middle of the dough, twist dough keeping the cut side up and seal/pinch dough to seal at end. Repeat from middle to end for other side.
Very carefully transfer dough to the prepared, parchment lined loaf pan.
Cover loosely and let rise, about 1 - 1 1/2 hours, or until the dough has risen to the top of or above the loaf pan.
Preheat oven to 350°F. Uncover babka dough, bake for a total 45 - 55 minutes. During the last 15 - 20 minutes of cooking, loosely cover the babka with foil, to prevent over browning. Babka should be golden brown.
If using the glaze: While the babka is baking, in a small saucepan, bring the water and sugar to a boil, stirring until sugar has dissolved. Set aside.
Once babka is baked, remove from oven. Drizzle half of sugar glaze over each babka while the bread is still warm and in pans.
Allow babka to cool in pan for 10 minutes, remove and peel away the parchment, transfer to a cooling rack to completely cool.