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Peanut butter and jelly sandwich 

Putting peanut butter on somebody's nipples and jelly and the other pair of nipples and hugging
During sex if your kind and kinky the you will want to peanut butter and jelly sandwich.

Grilled Peanut Butter and Jelly Sandwich 

A Heavenly Southern treat. Make a regular Peanut Butter and Jelly sandwich then butter the outside of the bread then grill in a frying pan until golden brown. Enjoy with a glass of milk.
Hey Connie, Mama made Grilled Peanut Butter and Jelly Sandwiches for lunch, I’ll pour us two glasses of milk.

Peanut Butter Jelly and Asshole Sandwich 

The act of placing peanut butter and jelly inside your ass. Then forcing someone to eat all of it out of your ass.
I call it a peanut butter jelly and asshole sandwich, but Tom here, would be calling it lunch.

Man 1: Hey dude, wanna go grab some lunch? Man 2: Naw bro I'm good. Your mom served me a hell of a Peanut Butter Jelly and Asshole Sandwich.

Peanut Butter Jelly and Tabasco Sauce Sandwich 

When you command a girl to make you a sandwich, and she tries to ruin it with some odd ingredient (ex. Tabasco Sauce) and it turns out being great.
This chick made me a Peanut Butter Jelly and Tabasco Sauce Sandwich, it was great!

Peanut Butter Jelly and Ass Sandwich 

Putting peanut butter and jelly inside your or your partner's ass. Then eating all of it out of your or they're ass.

Penis Butter and K.Y. Jelly Sandwich 

A sandwich comprised of Penis Butter (Sperm, Semen, Ejaculate, Cum, Baby Gravy, Baby Batter, Horny Muffins, Knob Slime, Peace Grease, Dick Goo, Ectoplasm of The Nether, Spoofs...etc.) and the popular personal lubricant K.Y. Jelly. Often said as a joke or sang in substitution of the old "Peanut Butter and Jelly " song features on the 90's popular kids TV show Barney the Dinosaur.

Example of a joke with a friend if they don't like something.: (See Example Below)

Other example: look up Barney Peanut butter and Jelly and change the words, you will see where the idea came from.
"Wow, why don't you just go and eat a Penis Butter and K.Y. Jelly Sandwich!?"