A time or situation that involves the combination of peanut butter and any kind of jam. Such an even is a time of celebration/exitement in many cultures.

it's the dancing banana. It is something you say to another person when they are feeling a bit down. You try to cheer them up by saying this and you do a little dance.

It is slang for anal sex. The peanut butter is feces, and the jelly is KY Jelly. That's why a baseball bat is mentioned.

When a dancing peanut has various adventures. pbjdance.com

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."

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."

When you eat your spouse is booty with peanut butter while they eat your booty with jelly