If it was me I would cut it around 3 nodes above the Y trunk. And I would change the soil with 50 percent cactus mix and 50 percent of coarse perlite.

Also I forgot the plant will benefit in being a small terra cotta pot.

I purchased my first Jade plants last Fall. What I done was pinch the new growth over the winter. I'm now letting them grow out. If anything gets too crazy, I'll prune it. From what I understand, Jade is pretty forgiving when it comes to pruning. I think I read somewhere not to prune more than 30% of the plant of the time, as it needs the leaves for photosynthesis and water.