The SPFC notes on the Jellybelly (old version) read:
“This song is rather mysterious. There are only 3 recordings of it. The first time it was played, it was very raw, and had lyrics from STP for two verses and then Offer Up lyrics over the outro. The second time it was played, it was a bit more structured, and it just had lyrics from STP. The third time, it had lyrics from STP and Offer Up. So it was branded Offer Up (long) for a while, and then it was just admitted that no one knew what to call it. Recently, Billy identified the song as “an early version of Jellybelly.” Whether the song just had its title lifted or somehow developed over time is unknown, but the officially released song Jellybelly as we know it is not similar at all. The lyrics listed are from the 1/20/92 performance.”
Before the release of Mellon Collie in 1995, Billy Corgan wanted Jellybelly to be the first single and not Bullet with Butterfly Wings.
In a Chart Magazine interview, Billy said this about choosing Bullet over Jellybelly:
“I felt that Bullet was the absolute obvious choice,” explains Billy, “which is kind of why I didn’t want it to be the first single. You know, in Pumpkinland, we don’t really like to do the obvious thing.” He chuckles. “I felt really close to Jellybelly, because it sounds to me like a classic Pumpkins song from a third album. It sounds to me like the manifestation of everything we’ve ever done on a third album, whereas Cherub Rock sounded to me like a second album single. But Bullet is one of those songs where, you know, it’s easy to sing along to and [he affects a drawl] – ya gotta sell them records.”