slang for "piss boner
since the intials of "piss boner" are 'p' and 'b', and so are the intials of "peanut butter" it makes sense
this comes in handy if you gotta use it in code
Dude 1: "hey dude can you grab me a text book while your up there?"
Dude 2: "why don't you get it yourself?"
Dude 1: "cuz man, i've got peanut butter right now!"
Dude 2: "ohhhh hahahaha suckuh"