Butt clobbered a 50-ball 67 laced with seven boundaries and two sixes to help the home team overhaul Sialkot Stallion's 210 on the last ball with three wickets to spare.
The decisive knock came from all-rounder Waqas Ahmed who belted three fours and four sixes in his 25-ball 46. Rana Naved-ul-Hasan, Pakistan's hero on Indian tour, bagged two wickets for 41 runs.
Earlier, Imran Nazir's electrifying 54 from 19 balls with six fours and four sixes set up a decent score for the Stallions.
Nazir completed his swashbuckling half-century from 14 balls. Shoaib Malik (39) was the other main run-getter.
Last evening, Umar Gul staged a successful comeback from back injury when he took four wickets for 21 runs but Peshawar Panthers were denied victory over Hyderabad Hawks because of heavy rain.
Gul's last appearance was at Lahore against India nearly 13 months ago in which he picked up the Man of the Match award.
However, the Panthers, without Younis Khan, were not so successful when they went down against a Moin Khan-inspired Karachi Dolphins who successfully defended 178 to win by 44 runs.