I found a couple of instances of "peanut butter politics" in recent news. One of them had to do with a political issue of regulating the purity of peanut butter. Another story was more interesting from a language point of view. Titled "Peanut Butter Politics," it had to do with Obama's policies in funding education. His "Race to the Top" program gives extra funding to specific schools as a reward for improvement. Other politicians want funding applied uniformly across the states, spread evenly and uniformly like we spread peanut butter on bread.

I've never heard this expression. Could you post a complete sentence with the expression or add some background information? Maybe I could understand it from the context.