| Jogging will burn calories, and will train your muscles for jogging.
To the extent that the calorie burn reduces body fat, the body fat will shrink in places determined by genetics -- you cannot realistically spot-reduce by choosing one exercise over another (although different exercises could affect muscle development differently).
102 pounds at 5'3" is a body mass index (BMI) of 18.1 ("healthy" is usually given as 19 to 25). This is already in the "underweight" range. Dropping to 95 pounds would reduce your BMI to 16.8.
Now, BMI says nothing about your body fat percentage (which is why BMI is not a particularly good indicator of health for an individual by itself -- lean athletes could have BMIs in the "overweight" range, while "skinny fat" people could have BMIs in the "healthy" range but still have too much body fat). Have you had body fat percentage measured?
If your body fat percentage is too high, then you may want to consider remedying it by gaining lean muscle instead of losing fat, since a too high body fat percentage at your low weight probably indicates that you have so little muscle that you are at risk of being affected functionally (i.e. too weak to do normal tasks in daily life).  | 
