It’s about peanuts. I can’t imagine that it’s not called Peanuts. Not peanut butter, and not the song done by Rick and the Keens or Little Joe and the Thrillers (my Google hits).
It has a quick tempo and a Latin or Caribbean sound. Here are the lyrics I recall:
*Peanuts-peanuts-peanuts-peanuts *(sung very fast, syncopated?)
something-something-something pounds of peanuts
something-somethig no tummy ache
you eat them when you’re awake
Peanuuuuuts
I know I didn’t dream it up. Does it ring a bell with anyone?