Abstract: A method of preparing a whipped peanut butter, the peanut butter produced thereby and the peanut butter packaged in a container. The peanut butter is made by uniformly dispersing nitrogen or a similar inert gas, into a peanut butter mass for the purpose of producing a whipped and aerated peanut butter having a 10 to 50 percent aeration. The effect of inert gas incorporation along with the rapid chilling and whipping process employed in this invention is a substantially softer and more spreadable peanut butter. Additionally, the whipped peanut butter has a uniquely pleasing mouth-feel with reduced stickiness and cling to mouth-parts.Since aeration has a direct effect on the finished peanut butter color and flavor, one aspect of the process pertains to the inclusion of powdered molasses and/or the selection of peanuts roasted to a particular L-value to compensate for the lighter color and lower flavor intensity produced by the incorporation of nitrogen or similar gases.