This is a sexual action you perform on someone who is highly allergic to peanuts. About an hour before you have sex, take standard peanut butter and spread it over your entire penis. Next wash off the peanut butter so that it is not visible, but the residue still remains. Then you have sex with the special individual, who will not notice right away, but the next morning she will feel very uncomfortable. When she checks herself out she will see a large rash in her vaginal area from the peanuts and think that you gave her herpies.
"Hey I heard you had sex with Loreah last night!"
"Yeah, she has an allergy to peanuts so I gave her the peanut butter penis!"
"Haha no way...blllllattttt!!"
When you slather peanutbutter all over your throbbing penis and let your dog lick it off.
"Hey man wanna try a Peanutbutter penis"?