In the modern context I always hear it meant as talking bad about someone or something. I hear it used alot and normally there is trouble brewing when I hear it. It is always used by somebody being told someone is bashing them or something they care about. "I heard he's been talking jive about... or I heard he has been jive talking me when I am not around." I know the historical meaning but that is the most common usage I hear today. Same usage as talking trash ,smack , 11's whatever.
cya
JT