Plant foods, including peanuts and peanut butter, do not contain any cholesterol or very little of it (PubMed Central).
In this small study, diets high in peanuts or peanut butter decreased total cholesterol, LDL ("bad") cholesterol and triglycerides by 10-14%, presumably because of high content of mono-unsaturated fatty acids (MUFA). The results were comparable with diets high in olive oil and were better than after "American Heart Association/National Cholesterol Education Program Step II diet."
According to this review (PubMed Central,2009), frequent nut and peanut butter consumption was inversely associated with total cardiovascular risk in women with diabetes 2.