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Peanut Butter Rimjob 

To slather peanut butter over another mans ass and hole (PREFERABLY A MAN BUT COULD BE A WOMAN), and to slowly, sensually lick it all up.
Mike gave me a crunchy "Peanut Butter Rimjob" last night, my asshole is bleeding like the dickens!
"Damn man"

Peanut butter cock

A “peanut butter cock” refers to a penis that has been playfully dunked or slathered in peanut butter, often for the express purpose of being licked, savored, or worshipped like a decadent dessert. Best enjoyed in a consensual, adventurous setting with a love for snacks and smirks.
Stefano walked into the bedroom with nothing but a grin and a jar of Jif — it was clear someone was about to get a taste of his peanut butter cock.

Peanut butter punishment 

To be striped down with your balls dipped in peanut butter. And chased by starving dogs.
Carlos fell asleep early at the function so he got the peanut butter punishment.

Peanut butter jelly sandwich 

When you fuck your girlfriend in the ass while she really needs to shit and then you cum in her ass and after you pull out it goes all over her ass cheeks making a peanut butter jelly sandwich
Bro last night my girlfriend needed to shit while we were having sex and after I nutted it all came out making a peanut butter jelly sandwich

Peanut Butter Rivalries 

Peanut Butter Rivalries is when the most well know rivals, think they are opposites but are the same for the most part. They think they are peanut butter and jelly but they are just peanut butter and peanut butter.
Modern politics are a bunch of Peanut Butter Rivalries, two sides of the same coin, except it's a piece of bread with the same spread.

Peanut Butter and Scharmfen 

A Peanut Butter and Scharmfen is a sandwich with peanut butter and cyanide with 15 grams of uranium
Hey! Do you want a Peanut Butter and Scharmfen?