This is a miniature characteristic of amateur-level sheet music from the turn of the century. It features a straightforward ABA form with an emphasis on simple melodic charm.
Work on the coordination between the lyrical melody and the steady rhythmic pulse in the left hand.
Comparable difficulty and character — good candidates for what to learn next.
Butterfly is rated Henle level 2 of 9 — beginner repertoire, roughly ABRSM grades 2–3. In the RCM system it corresponds to about level 3.
You should be comfortable at Henle level 2 — meaning you can already play level 1–2 pieces cleanly. Learning it one level early is possible as a stretch piece, but more than that usually leads to months of frustration.
A typical performance of Butterfly lasts about 2 minutes.
Butterfly is available as free public-domain sheet music on IMSLP — the score is linked directly from this page.
Pieces at a comparable difficulty and character include Big Boot Dance by Edwin Boggetti, Bach-anh-114 by Johann Sebastian Bach, Bach-bwv-anh-114 by Johann Sebastian Bach — see the full similar-pieces list on this page.