What are the solvents that will dissolve butter?

Peanut butter is a homogeneous suspension of peanut particles in an oil. More of a sludge or paste than a solvent/solute system. There are some dissolved flavour compounds in the oil (oil=solvent) and probably some salts or sugar dissolved in the water present in the nut particles (water=solvent)

Aside: The oil in peanut butter is often not peanut oil. Peanut oil is a valuable side product and is stripped away and replaced with cheaper vegetable oils