It was a stunning 90 minutes for the Hatters as Dan Potts opened the scoring after 24 minutes, before Olly Lee hammered home from inside his own half to double the lead in remarkable style.
Danny Hylton netted ten minutes before half-time as he tucked the ball into the bottom right corner, with Elliot Lee rounding off the scoring in the first half with audacious volley from 18 yards.
The game settled in the second half until the 81st minute, when Hylton tapped home from close range, before Elliot Lee smashed it past David Forde from 25 yards to make it 7-0.
Hylton then went joint top of the scoring charts in Sky Bet League Two as he completed a perfect hat-trick, heading in from Alan Sheehan's free-kick in injury-time.
Jones said: "We've have won 8-2, 7-1 and now 7-0. Considering the opposition, it's a fantastic result, as the others have been. I thought from start to finish we were excellent.
"Cambridge were bright, they wanted to do certain things, but we pressed them early on and I think we had a real clinical edge about us. Some of those goals were top, top drawer. I am so proud of them today, because it's the third time we have done it.
"The first time it could have been a freak result, second time we were clinical, but third time – that's not luck. It could have been more, let's not make no bones about it. I am so delighted, I am so proud of the group.
"This was my first game in charge 19 months ago and I didn't know what I was going to get from that game. We drew 0-0 here, it stopped the rot a little bit, I didn't know what I was going to get from that group of players.
"I knew what I was going to get today, I didn't know we were going to get seven, but I knew I could rely on that group and they repaid me hugely. It was a wonderful performance and a wonderful result."