Stands for "Peanut Butter Jelly Time." Often someone will mention this when a banana is in the act of being eaten.
by Meggido February 28, 2008
After filing the 3rd Qtr 10-Q for Petrohawk, which entailed 2 wks of working 70+ hrs a week, the Petrohawk engagement team got up and screamed, "It's Peanut Butter Jelly Time ('PBJT')!"
by Akhil Patel November 21, 2006