The Pure Peanuts Puzzle

I have a question.

Why do these ingredients...

...produce this solid product...

...but these similar ingredients...

...produce these liquid-like products?

I asked around... a most plausible answer I got is that it depends on how finely you grind the peanuts. One was just ground until it was fine, the other was ground until it was creamed.

I'm not convinced though... the peanut cake particles seem pretty fine, and the texture even seems gooey to me. *shrug* Unless it is a difference of particle size in terms of micrometers or something. O_o