TBH this question makes no sense. I don't think the answers do either. A JIT compiler for what language? In which runtime environment? Why is MS or the OS assumed to be at all relevant to the question?
Any program can include a JIT compiler if required. The JIT compiler for javascript in IE is an example.
There is absolutely nothing that MS needs to consider for this to work, particularly if the JIT'ed code is executed within an emulator that runs on top of the OS, i.e. no direct hardware access is required.
The following is taken from the PPSPP Emulator FAQ page which states this as the lack of the emulator on Windows Phone:
FAQ for PPSSPP - PSP emulator for Android, Windows, and many more
What is the JIT?
To emulate advanced systems like the PSP fast, the emulator needs to translate the machine code language of the PSP to the machine code language of your PC or mobile device at runtime. This is done with a "Just-In-Time recompiler" or JIT, also known as a Dynarec. PPSSPP has JITs for x86 and ARM.
For a JIT to function, an app needs to have the ability to generate machine code at runtime. This is allowed on Windows, Mac, Linux and Android, while
it is completely disallowed on non-jailbroken iOS and on App Store Mac apps, and on Windows Phone 8.
So from what they're saying, it is not allowed on Windows Phone at present, hence my article to find out if that will be an option with Windows 10 on mobiles and small tablets
This forum post has more info on the matter:
http://forums.ppsspp.org/showthread.php?tid=3803
Some Iconic Quotes:
1. The problem isn't generating code at run time, we can do that, we simply are not allowed to execute it on WinPhone - and thus it becomes pretty useless.
2. Yes, it's true that we could do a port that only uses the interpreter, and simpler games could run okay on the faster phones. There's no hope to reach anywhere near the same speeds we can on Android though, and I just don't feel like doing that much work and buying extra phones for testing just for a bad play experience.
3. PSX is much much slower than PSP. If you can't even get games to run full speed with a PSX emu on Windows Phone 8, there's no point in porting PPSSPP.
Just wait until Microsoft changes their policy or we get a 'jailbreak'.
4. "Threaded" (not to be confused with multithreaded) interpreters generally get you around 2x over a regular interpreter, while JITs get you 10x+. And it's a much smaller market and the only one with this problem (well, iOS too but that doesn't even allow emulators), but it's indeed pretty likely that at least some games would be fairly playable on fast Windows Phones, maybe even with the current interpreter.
Doing the DX11 port of the GPU emulation might probably be more work than getting the basics of such a CPU core running though..