A Orginaly song by Buckwheat Boyz.
Then the Song was remixed. And also used for that bannanna flash video, which in turn make everyone laugh on the net.
Baseball bat is a guys dick
Peanut butter is in the ass (shit)
Jelly time - KY jelly time
Doing a girl in the ass with KY jelly and a big shlong (dick).
"hey girl, u a freak, Imma bout 2 do it peanutbutter and jelly time with a baseball bat"
"As I was pounding this girl from doggie style... The all of a sudden I said IT'S PEANUT BUTTER JELLY TIME. And jammed my dick in her ASS!"
Sex between 2 Latinos. peanut butter referring to the color of his penis and jelly to how wet the Latina female gets. Obviosly the baseball bat is his penis.
A point in time at which an individual is so poor, the only food that s/he can afford to eat is peanut butter and jelly sandwiches.
Kim: Hey, girl, you wanna go to Chili's for lunch today?
Jessica: No, I can't. It's peanut butter jelly time.
Kim: Damn. Maybe next week when you get paid?
Jessica: Yeah. That'll work.