Mix graham cracker crumbs, 5 tablespoons sugar, and butter in a bowl until combined. Press graham cracker crust into a 9-inch springform pan.
Beat peanut butter and cream cheese together in a bowl until soft, about 1 minute. Add 1 1/4 cups sugar and flour and blend until smooth. Whisk in eggs until mixture is just blended; stir in milk. Pour mixture into crust.
Bake in preheated oven until edges are puffed and surface of cheesecake is firm except for a small spot in the center that will jiggle when the pan is gently shaken, 45 to 50 minutes. Run the tip of a paring knife around the edges of the pan, set the pan on a wire rack, and allow the cheesecake to cool at room temperature, about 1 hour.
Heat the jam in a saucepan over medium heat until melted, about 3 minutes; pour over cheesecake. Refrigerate until completely chilled.
