  We use geometrical conformal field theory methods to investigate tachyon
fluctuations about the butterfly projector state in Vacuum String Field Theory.
We find that the on-shell condition for the tachyon field is equivalent to the
requirement that the quadratic term in the string-field action vanish on shell.
This further motivates the interpretation of the butterfly state as a D-brane.
We begin a calculation of the tension of the butterfly, and conjecture that
this will match the case of the sliver and further strengthen this
interpretation.
