Green’s Dictionary of Slang

melted butter n.

1. semen.

[US]Maledicta IV:2 (Winter) 192: Melted butter is spunk.

2. (US black) an attractive woman, esp. if mixed race [her ‘yellow’ skin tone].

[US]E. Folb Runnin’ Down Some Lines 246: melted butter 1. Attractive female. 2. See casper.