Exact dissection of the word is "cunt" and "butt." It is not a derogatory connotation towards women, butt it is derived from the original meaning for the word "cunt" which is warm enjoyable cave; except for the butt. Directed towards people that enjoy the pleasures of anal sex and rimming and look at the anus as a warm enjoyable cave.
I saw a guy in the locker room that had a delicious looking buntt.
That girl at the end of the bar has a bunt, she is a bar slut.