That is diacetyl, an aromatic compound also found in butter. So you are not imagining things. It is the result of malolactic fermentation and gives off the smell of butter or butterscotch. Diacetyl adds complexity to wine and is often considered a desirable trait; that is, as long as you like butter. Click the above glossary term for more information.
See it in the glossary: malolactic fermentation , Chardonnay
by
Derek Brown