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A person who applies peanut butter or any sort of spread to their genitals, then have a pet (usually of canine species) lick off the spread as a form of beastly oral pleasure. this term was derived from use of human name instead of peanut, the most widely used being peter.
1: hey that guy is always watching porn in public!
2: yea he is probably a peter butter
by exposer476 September 27, 2011
Another word for cum
She was giving me dome and I blew my peter butter all over her hair.
by Berd and Frozen August 11, 2010
the resulting fluids from anal sex that build up around the shaft of a penis
I was hittin' that ass and s/he left a ring of peter butter on my cock.
by orangehead December 18, 2007