In a large bowl, combine the flour, sugar, baking powder, baking soda, and cinnamon. In another bowl, whisk the egg yolks, peanut butter, and butter. Stir mixture into dry ingredients just until moistened.
In a small bowl, beat egg whites until stiff peaks form, then fold into batter. Bake in a preheated waffle iron according to manufacturer's directions until golden brown. Serve with jelly of your choice.