Let $f: X \to S$ be a morphism of locally ringed spaces and $\triangle: X \to X \times_S X$ the corresponding diagonal morphism with kernel sheaf $\mathcal{I} = \ker \triangle^{\flat}$.
Definition: The $k$-th formal neighborhood of the diagonal of the morphism $X \to S$ is the sheaf over $X$ given by the pullback:
$$\triangle^{*}(\mathcal{O}_{X \times_S X} / \mathcal{I}^{k+1})$$
Question (vague): Is this the correct generalization of the jet bundle of a fibre bundle?
Special case (Less vague): Let $E \to X$ be a smooth vector bundle over a smooth manifold. Does the sheaf of sections of the jet bundle $\mathcal{J}^{k}(E)$ coincide with the sheaf given by the above procedure?