Lyric discussion by songmeaningstom 

Cover art for Jellybelly lyrics by Smashing Pumpkins, The

I assume "jellybelly" is the popular diminutive pun for someone who is jealous. (mocking, "aw, what's the matter, baby, you jellybelly?")

Combine that with the Inferno imagery of being in the belly of the beast and the songs starts to reveal itself.

It's about feeling stuck in a jealous longing, and giving in to your "forevers," giving in to your feelings that you will never move on. In a jealous hell, the only things that last are memories of what never was.

My Interpretation