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peanut-butter-jelly-time 

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!"

Peanut Butter Jelly 

1. It's a popular song that gets you up off the couch and dancing to it

2. It's the most famous sandwich known to man, even a 5 year old child AND even *gasp* a full-grown man can make it!

Slang: PB&J

3. The song's mascot is a dancing banana
IT'S PEANUT BUTTA JELLY TIME! IT'S PEANUT BUTTA JELLY TIME! PEANUT BUTTA JELLY TIME!!

give me 20 seconds mark, i gotta make myself a PB&J sandwich

peanut butter jelly is everybody's sandwich

Peanut M&M 

A sex act where the man dips his testicles in liquefied chocolate and the woman sucks the chocolate off while giving him a handjob.
Zoe was going to give Zane a Peanut M&M but the chocolate fountain was broken.

Man that girl Zoe gives a mean Peanut M&M.
Peanut M&M by xqbed November 2, 2013

Peanut Butter Trick

When someone of shorter persuasion (preferably with large calves and short arms), covers his genitals with peanut butter, allows his or her dog to lick it off, causing ejaculation on the dog , which in return makes the dog bite his or her elbow.
That dog has had problems ever since they made him do the "peanut butter trick".

Peanut Butter 

A term used by Hockey players to describe a shot that goes into the net and gets stuck between the netting and top back white bar.
Nichols walked in, picked the top corner on the Goalie and sniped it right into the Peanut Butter.

Bartley: Dude did you see Knoop get sniped high glove by Nichols?

Abbott: Oh yeah! He roofed it straight to the Peanut Butter!! I wish I could dangle and snipe like him..
Peanut Butter by Nicks1026 December 9, 2009

Peanut Butter Jelly Time 

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!