Matthew Wilson and Adam Brookes paraded the piece, entitled 'The Harvest', through the streets of Chicago, Obama's home state.
Wilson and Brooks carted the bust from the Fulton Market District to the Chicago Cultural Centre in a glass-fronted cooler, The Huffington Post reports.
Wilson explained that the bust is constructed from butter as it represents an American tradition often found at Midwestern state fairs.
He also said that the piece is called 'The Harvest' because the artists are trying to gather reactions from onlookers, adding: "We invite the public to make of that what they will, rather than make a political statement of our own, which would surely be a very dull thing to do."
Wilson and Brookes were also responsible for parading an ice sculpture based on the Ten Commandments around Chicago in 2005.