In moderation, yes. Peanuts are highly fibrous with a lot of additional protein which can both be extremely beneficial to a varied and healthy diet. However, peanuts are also naturally high in fat and produce a lot of oil, which means peanut butter can be fattening and potentially cause unwanted weight gain. Additionally, most off-the-shelf peanut butter is high in processed sugar - therefore if you're thinking of giving your poodle peanut butter treats, be sure to stick with organic raw peanut butter for the reduced sugar content.