I recently discovered, thanks to my intern, Craig, that peanut butter is available in Israel. I suppose I should have known that, since the Hebrew term for peanut butter has been in use for decades.
The term is חֶמְאַת בָּטְנִים listen and repeat. The latter word, בָטנים listen and repeat, is one of the cases in which the קָמָץ listen and repeat kamatz vowel ָ is pronounced oh instead of ah in Modern Hebrew.
The term חמאת בטנים is made up of חֶמְאָה listen and repeat – butter – in its construct (סְמִיכוּת listen and repeat) form, and בטנים, the plural for בֹּטֶן listen and repeat – peanut.