“Natural” peanut butter is better refrigerated because then it won’t separate again. You stir it once when you open the jar, then store it in the refrigerator, and never have to stir that jar again. And unlike butter, it’s not difficult to spread while cold. On the other hand, if you just keep it in the pantry or whatever like normal peanut butter, you’ll have to stir it every single time you go to use it.