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.
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