Oil separation has been a major problem in peanut butter, which is prevented by incorporating stabilizers. This additive forms a network structure at low temperatures, which entraps the oil thereby, preventing its separation. The structure also imparts a viscoelastic property to peanut butter. The objective of the study was to 1) develop a rapid testing method based on centrifugation, and 2) characterize the viscoelastic properties of peanut butter using controlled stress rheometry. Centrifugation technique helped in predicting the shelf life of stabilized peanut butter as 1-2 yr at 21-24 C storage. Creep recovery and time sweep tests performed using advanced rheometer were useful in monitoring the deterioration of peanut butter during the three-month storage at 35 C.