The midfield, who turned 25 on Monday, will now remain with Stanley until the end of April after initially agreeing to rejoin the club in January.
Molyneux left Accrington at the end of last season, a campaign in which he was voted player of the year, but has struggled to make his mark with the Alex, also spending time on loan at Rochdale.
"Confidence-wise it's brilliant knowing that the manager and the staff are backing me," said Molyneux, who has played five times and only been on the losing side once in this spell with James Beattie's men.
"I've got a good rapport with the fans and they know that I love being at Accrington, they love me being here and over the next few weeks until the end of the season I hope I can score some more goals and keep improving my performances.
"As I said when I first came back, it felt like coming home. I feel settled again now. Playing games is the most important thing for me but especially being at Accy with your mates.
"They're not just like team-mates or work colleagues, I've got genuine friends here."
- Sports & Recreation