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peanut butter jelly time 

having sex and adding peanut butter to the penis and jelly to the vagina and having a "good time"
Dude i love the song peanut butter jelly time cause it reminds me of last night.

butterbate 

So they...butterbate? You know like masturbate but in your ass hole so butterbate?

nutter butter 

fucking someone in the ear and filling their head with cum.
shut up bitch or ill give u a nutter butter

peanut butter jelly time 

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.

Peanut Butter Jelly 

Besides that song, one of the best buttie combinations of all time.

Thanx to reggie & the full effect for introducing me, a british man.