Spread 1 cup whipped topping over the bottom of the crust. Drop jelly by tablespoonfuls onto topping; spread carefully. In a bowl, whisk milk and pudding mix until thickened.
Add peanut butter; mix well. Fold in the remaining whipped topping.
Spread over jelly.
Cover and freeze for 4 hours or until firm.
Remove from the freezer 10 minutes before serving.