1) The semi-hardened combination of female ejaculate, semen, and lubricant
2) An expletive for a frustrating situation or person
3) A heightened and/or more colorful phrase for "cunt"
Guy - "Good morning hun, want to have some nice morning sex?" Girl - "Sure babe! Oh, but first, I need to wash all the cunt butter off my snatch from that awesome threesome we had last night"
Guy - "Baby I want you to spread that cunt butter all over my naked chest like I'm a piece of marble rye"
"Remember that time Shawn took that hot girl at bar home that I was into, God he was such a cunt butter"
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