Stephen Colbert says this is a Hollywood term for something sexual. Mentioned during his wrap up report of the 2003 Emmy Awards, where he apparently participated in an A-Lister orgy during an after party. It is implied to be gross.
Jon Stewart: I think they liked the 'fucking' story better.

Stephen Colbert: I don't blame them Jon. ...I don't blame them Jon. Everyone likes the monkey butter.
by shifty85 August 28, 2006
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a food spread made with the following ingredients:
1 banana
2 tbsp peanut butter
1 cup vanilla yogurt
2 tsp cinnamon sugar

Works well on toast, especially french toast.
Great with Nutella!
For lunch today, my mom packed me a monkey butter sandwich. All the kids in the cafeteria went apeshit.
by issyakd April 26, 2008
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1) A solid butter representation in the form of a hairy monkey, often mistaken for the butter used by monkeys and apes. That is of course untrue.

2) The name of the theory that monkeys are able to spread butter on toast, or blueberry muffins, or other things. This is a theory that dates back to the early 2000s, prior to the Stephen Colbert Monkey Butter Incident of 2006, which came as a shock to the theorists.

3) Out of the incident came a new definition of monkey butter, meaning "outrageous" or "no way" or "impossible."
"I had some monkey butter on my bagel this morning for brunch."

"The philosophers thought long into the night about the concept of monkey butter."

"What? Stephen Colbert said monkey butter? MONKEY BUTTER!"
by Clamanity June 18, 2007
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The creamy sludge which gathers under the foreskin of the penis.
Ugh! You really need to clean up that Monkey Butter under your foreskin, Captain Schmegma!
by Nickorette November 01, 2007
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