Definition
To spread resources too thin.
How People Actually Use It
a name used to refer to a slutty girl.... you know peanut butter ... spreads easy
"Oh my god, theres Michelle, PEANUT BUTTER!"
Source: Urban Dictionary
Idiom Breakdown
peanut butter
//ˌpiːnʌtˈbʌ.tə/ / /ˈpi.nʌtˌbʌ.tɚ/ / /ˈpiːnʌtˌbʌ.tə// INFORMAL