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
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