You can thank Aaron Franklin for the butcher paper BBQ fad.
As long as it is a USDA food grade paper without any wax or polymer coating it's good to go, be it peach, pink, brown or even (gasp) white.
The recommended pink/peach papers are not actually butcher paper per se, they're steak paper, much thicker, denser and less porous.
You use it in place of foil for Brisket, Butts and such, but it doesn't work like foil.
It breathes and lets some steam/moisture out, it doesn't braise like foil so it doesn't ruin the bark.
It doesn't raise the temp or retain heat, so no adjusted cooking times
Use it by wrapping as the meat comes out of the stall, not as a Texas Crutch to bring meat through the stall.
Use it to keep meat moist and from drying out, keep bark color from getting too dark.
Don't bother adding any liquids as the paper won't hold them.
It isn't meant for braising, don't try it, it'll disintegrate.
The most common widths means using two sheets overlapping at an angle, wrapping from the narrower end to the wider.
I am using it with more frequency and really like it, it keeps a crust firm but with a nice chew.
I use it to keep a bark from getting too dark, keep the meat from drying out and it's ready to just toss on a tray and rest as is.