The discharge and sweat from a chick's pussy that accumulates in the panties. Often becomes crusty over time. Can be scraped off and used as a spread on toast.
That bitch's panty butter went excellent on crackers!
by ball sucker 79 November 21, 2008
1 more definition
Massive quantities of vaginal discharge in the panties. Enough that you could take a knife and spread it on toast.
Greg and I were about to get it on until he saw my panty butter.
by prettyprettyprincessface February 14, 2009