A time or situation that involves the combination of peanut butter and any kind of jam. Such an even is a time of celebration/exitement in many cultures.
e.g. A Dancing bannana screaming the words "PEANUT-BUTTER-JELLY-TIME" repeatedly to any music at all.
by Captain. Bob Jesus March 12, 2003
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it's the dancing banana. It is something you say to another person when they are feeling a bit down. You try to cheer them up by saying this and you do a little dance.
search 'peanut butter jelly time'
by Diana BoBana FeeFiFoFana December 3, 2007
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It is slang for anal sex. The peanut butter is feces, and the jelly is KY Jelly. That's why a baseball bat is mentioned.
"It's peanut-butter jelly-time, peanut-butter-jelly-time, ...peanut butter jelly with a baseball bat."
by The Tao September 10, 2008
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Anal sex. Also known as "Santorum-time." Santorum meaning "that frothy mixture of lube and fecal matter that is sometimes the byproduct of anal sex."
Senator Rick Santorum came in, bent over, and stated: "It's peanut-butter-jelly-time!"
by The Tao September 10, 2008
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A sexual act in which a male alternates between inserting his penis in a woman's anus and vagina specifically when the woman is menstruating. Fecal matter deposited on the penis is referred to as the "Peanut Butter" due to its thick brown appearance and menstrual secretions are attributed to be the "Jelly" due the pasty red residue resembling strawberry jam. For added effect this act can be performed to the song with the same name, "Peanut Butter Jelly Time."
I heard the "Peanut Butter Jelly Time" song the other day and I had a sudden urge for some real Peanut Butter Jelly Time! My girlfriend just happened to be menstruating so I called her over for some good old fashioned fun. Things got rather messy but boy was it worth it!
by Valsleezy April 8, 2008
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A song that originated by Buckwheat Boyz.

It's first major hype came from a crappy animation someone made of a dancing banana (which is totally irrelevant to peanut butter and jelly, unless you put banana's on your peanut butter and jelly).

It became so popular Family Guy had Brian come in with a banana suit on singing the song to Peter, which also became really popular.

The song became such a hype that even local Pittsburgh radio stations and surrounding radio stations even started playing it every 15 minutes.

Now it's an overused song and animation that is seldom seen, unless you find one person on a board or site that has the stupid animation as an avatar.

Seriously people, this song is no longer funny, stop playing it, it was about 5 years ago, it's time to move on.
Noob: It's peanut butter jelly time! (Posts dancing banana animation.)

Me: NO! It's NOT peanut butter jelly time. The early 2000's called, they want their crappy song back.
by Da Milkman June 25, 2009
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