Butter one side of the bread and flip it over. Spread the peanut butter over the bread. Add the bacon and cheese. Butter the other side and flip it over once again. Spread the jam on and put it on top of the other slice of bread. Drizzle some olive oil into a pan, place the peanut butter and jelly sandwich in. Fry it, over medium high heat, for about 1 1/2 minutes on each side.
Plate, slice, and enjoy your peanut butter and Jelly with bacon sandwich.