"Last night I was with my man, and we had an exultant Peanut Butter Jelly Time! And, this time, I was the peanut butter! Yum."
Then the Song was remixed. And also used for that bannanna flash video, which in turn make everyone laugh on the net.
Baseball bat is a guys dick
Peanut butter is in the ass (shit)
Jelly time - KY jelly time
"hey girl, u a freak, Imma bout 2 do it peanutbutter and jelly time with a baseball bat"
"As I was pounding this girl from doggie style... The all of a sudden I said IT'S PEANUT BUTTER JELLY TIME. And jammed my dick in her ASS!"