Heat oven to 400°F. Stir together all ingredients except chili sauce and jelly. Shape into 1-inch meatballs. Place in ungreased 13x9x2 rectangular pan.
Bake uncovered about 20 minutes or until no longer pink in center.
Heat chili sauce and jelly in large saucepan over medium heat, stirring constantly until heated through. Stir in meatballs until coated. Simmer uncovered 30 minutes.
Serve in a slow cooker, or on a platter with toothpicks, or over rice.