"Are you jealous of me?" is correct and you say; "What should I be jealous of you?"

answer - "What about you is there to be jealous of?" Both of Pia's answers work well also.

*or jealous about ;)

It should be "What would I be jealous of you for?" We say "jealous of" someone "for" something, for some reason.

I'd answer "Why would I be jealous of you?" or "What is there to be jealous about?" Personally, I would never use your sentence. It doesn't feel right. I even think it is grammatically incorrect (OF instead of ABOUT!). Just - don't use it.