A different way of pronouncing the word 'peanutbutter', which, when said very quickly and pronouncing the 's' very soft, sounds almost exactly the same as peanutbutter.
Usually used for jokes, but also by people who are having trouble pronouncing 'peanutbutter'
Guy 1: Hey John, do you like peanusbutter?
John: Yea I do
Guy 1: Hahahahah