Cut cheese and butter into flour. Quickly stir in water and shape into a ball. Refrigerate overnight.
Roll out dough very thin and cut with a biscuit cutter into 2-inch circles. Place 1/2 teaspoon of pepper jelly in center of each circle. Fold over and crimp edges with a fork. Bake at 375 degrees F for 10 minutes.
Turnovers may be frozen before or after baking. Reheat before serving. Makes 2 to 3 dozen.