I found this: A butterfly bit is a bit in the shape of a butterfly which sits (on either side) outside the mouth to allow the rider to exert more pressure on one side of the mouth or the other to keep the horse travelling more tractably. From here: Just Racing
And this: Our favorite bit for draft horses is the Butterfly Bit. This bit is made of stainless steel and it has 3 large loops on each side of the mouthpiece. By choosing different loops you can adjust the amount of pressure applied to the mouth. They are used for riding and driving. From here: http://www.saddlesandharness.com/page/2/
• Driving Butterfly bits The Butterfly bit’s conception is close to the Gag bit’s, but its effect can be more severe as it has an additional ring on each side. Like for all bits with curb chain that have a leverage effect, the lowest you fasten the reins, the strongest the action. Traditionally, this bit is more often used with a breastplate harness than with a collar harness. http://www.ekkia.com/gb/embouchure.htm
Or this: Popular with continental drivers and often used for driving multiples, the Post/Butterfly bit has a mild hanging cheek snaffle effect when the reins are attached on the top ring. The severity of the bit action can be increased as it has additional rings (2 or three loop versions available) on each side, and like all bits with curb chains a leverage effect. As with all leverage bits, the lower down the reins are positioned, the stronger the action. Traditionally, this bit is more often used with a breastplate harness rather than with a collar harness. Abbey Saddlery
Its okay. But I don't think that they are the same bit because this one is listed as a "show jumping bit" and looks quite a bit different although that could just be a difference of style like these two bauchers:
But for some reason I think the "Butterfly Flip" bit is different to the "Butterfly" bit.