JIT_New() is a helper function inside the CLR that runs whenever you create a new object in your code with the new operator. It just allocates memory from the garbage collected heap and calls the class constructor. Or in other words, it implements the Opcodes.Newobj IL instruction. Its name is a bit confusing, it doesn't have anything to do with jitting your code. Just a helper function that the jitter knows about, it compiles a call to this helper function directly into the generated machine code. JIT_Newarr1() would be another one you'd encounter, it allocates an array.
I don't know PerfView, do note that the execution time for JIT_New() may include the time needed to perform garbage collections. Which occur when the gen#0 heap is full when JIT_New() runs. Which would explain the large percentage, JIT_New() is otherwise extremely fast. Nothing much you can do about it, this is fixed overhead in any managed program.