Whisk together Egg Beaters and Reddi-wip in large shallow dish; set aside.
Spread jelly evenly on 4 bread slices. Spread peanut butter evenly on remaining 4 bread slices. Close bread slices to make 4 peanut butter and jelly sandwiches.
Melt 1 tablespoon Parkay in 12-inch nonstick skillet or large griddle over medium heat. Dip 2 sandwiches, 1 at a time, in Egg Beaters mixture, coating both sides. Place in skillet; cook 2 to 3 minutes on each side or until golden brown. Repeat with remaining Parkay, Egg Beaters mixture and sandwiches. Cut each in half to serve. Top with additional Reddi-wip, if desired.