The term 'Butter Bogus' can be broken down into three crossword solutions: Oleo (4 letters), Teds (4 letters), and Phony (5 letters). Oleo is a brand of margarine, which is a butter substitute. Teds is an informal term for trousers, which are often made of cotton or synthetic fabrics that are not as soft as butter. Lastly, Phony is an adjective meaning false or not genuine, which is the opposite of butter, which is a natural product.