It's a continuation of the popular game of "sticky biscuit" where men masturbate over a biscuit inserted in a lady's vagina. Except in this version the lady is on her period.
"Oh man, you missed a great game of jam on a biscuit last night. That menstruation sure tasted good"
It's when someone does something that was just insane or something that was just really chill. Also, it could go with something that you're about to do.
Dude, he's jam 'n' a biscuit!
Let's go jam 'n' a biscuit!
I gotta go jam 'n' a biscuit.
Dude, I just jam 'n' a biscuit.