Stacks up to
Small Jerky is created by using a Drying Rack to dry an uncooked Morsel, Fish, Eel, Drumstick or Frog Legs for 1 day, or a Batilisk Wing for 2 days. The Small Jerky has an extremely low rate of spoilage (taking 20 days) and restores 12.5 Hunger, 8 Health and 10 Sanity when eaten. This makes it an excellent item for keeping sanity high, particularly in winter, if one has a stock of rabbits or other constant supply of meat.
Jerky can also be used in the Crock Pot in place of meat or morsels with no negative side effects. Thus, 2 Meat and 2 Morsels turned into 2 pieces of Jerky and 2 pieces of Small Jerky can be used to make Meaty Stew.
Unharvested Small Jerky will not start to spoil as long it's left on the Drying Rack, making it possible to keep it fresh for an indefinite amount of time.
This food can be useful for recovering from the effects of Woodie's Werebeaver transformation, though it is significantly weaker than Jerky, thus requiring a lot more Small Jerky for such a recovery.
Reign of Giants
In the Reign of Giants DLC, Small Jerky will begin to spoil immediately upon creation on a Drying Rack, regardless of whether it is harvested or not.