Spread 1 tablespoon peanut butter on each bread slice. Divide the chocolate chips among 4 slices; top with the remaining bread slices, peanut butter side down, to make 4 sandwiches.
In a shallow bowl, whisk together the milk, eggs, sugar, vanilla and salt. Soak each sandwich in the egg mixture until saturated, about 5 seconds. Transfer the sandwiches to a large platter in a single layer.
In a small saucepan, cook the jam and 3 tablespoons water over low heat, stirring occasionally, until warm and smooth.
In a large skillet, melt 1/2 tablespoon butter over medium-high heat. Add half of the sandwiches and cook until golden, about 2 minutes on each side. Repeat with the remaining butter and sandwiches. Slice and serve with the whipped cream and jam syrup.