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1.
The gayest thing that you can call someone. Used in anger to belittle a person.
"I'm street"
"No, silly buns, you're about as street as the term 'silly buns.'"
by Chris the Cracka February 27, 2005
 
2.
One of the characters from Metal Gear Toast 1,2, and 3. These flash movies are found at Newgrounds.com

Sillybuns also mean a extremely gay person!
"Sillybuns!" scream bob to his gay roomate.
by Conker5698 May 25, 2007