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1.
Poonut butter is a delicious treat, similar in consistency to Gnutella. Here is the receipe for Poonut Butter:

1. Eat only bran muffins for a whole day
2. Eat only bran muffins for the next day
3. Eat only bran muffins for the next day
4. On the 4th day, begin harvesting your poop. It will be in small "poonuts" from all the bran. Put 1 pound of poonuts into the food processor along with a 1/2 cup of olive oil. Blend until smooth. Serve poonut butter on bread or baked in a pie.
Hey Jimmy, your mom makes the best poonut butter YEYYYYYYY!
by King Souser December 04, 2005
 
2.
Viscous liquid or paste which can be scraped from under the forskin or applebag and emits an ordor similar to that of the asshole of a rotting carcas. The substance is good for wiping on fellow varsity football players and lubricating door hinges.
Jerry scraped the poonut butter from his genitals and slathered a generous helping to Amys face.
by poonut man March 26, 2010