Translation:Peanut butter is not cheese!
Would the analogous: 'Peanut butter is not butter.' be accepted?
I tried 'Peanut butter is not butter' :-(
No: it's explicitly contrasting 'peanut butter' with cheese, not butter.
I don't have a dictionary on hand, but I assume that a literal translation of pindakaas is "peanut cheese".
Both statements are true, but they are talking about different substances.