1. Vaginal secretion emitted by a promiscious female
2. Butter that has been borrowed by one two many neighbors (been around the block)
3. Gooey marijuana/beer/liquor left over after a night of partying
Damn that girl got her slut butter all over me last night!
Got my dick in some nasty slut butter last night.
After Marjorie, Alice, Patricia, Gay Ted, Joanna and Mr. Winkis had borrowed the butter, I decided that it was slut butter and threw it out.
Everyone says my butter is slutbutter because I've let everyone on the block tap into it.