This research paper introduces a novel three-dimensional autonomous system, whose dynamics support periodic and chaotic butterfly attractors as certain parameters vary. A special case of this system, exhibiting reflectional symmetry, is amenable to analytical and numerical analysis. Qualitative properties of the new chaotic system are discussed in detail. Adaptive control laws are derived to achieve global chaotic synchronization of the new chaotic system with unknown parameters. Furthermore, a novel electronic circuit realization of the new chaotic system is presented, examined and realized using Orcad-PSpice program and physical components. The proposed novel butterfly chaotic attractor is very useful for the deliberate generation of chaos in applications.