that little round thing in between the buttcheeks of my little pony porn that kind of looks like a donut from what i've seen. it's a term used by bronies to describe a ponies anus.
lvl 5 brony: *fapping* "look at twilights stanking booty hole! mmm i wanna fuck it"
OG brony: stfu kid, it's called a "ponut", use the correct word or we'll pop a cap in yo ass nigga!.
Poonut butter is a delicious treat, similar in consistency to Gnutella. Here is the receipe for Poonut Butter:
1. Eat only bran muffins for a whole day
2. Eat only bran muffins for the next day 3. Eat only bran muffins for the next day 4. On the 4th day, begin harvesting your poop. It will be in small "poonuts" from all the bran. Put 1 pound of poonuts into the food processor along with a 1/2 cup of olive oil. Blend until smooth. Serve poonut butter on bread or baked in a pie.