It's the acronym for Butylated Hydroxy Toluene. It's a common synthetic antioxidant that's used as a preservative.
There is some controversy around BHT. It's not a new ingredient, it has been used both as a food and cosmetics additive since the 1970s. Plenty of studies tried to examine if it's a carcinogen or not. This Truth in Aging article details the situation and also writes that all these studies examine BHT when taken orally.
As for cosmetics, the CIR (Cosmetic Ingredient Review) concluded that the amount of BHT used in cosmetic products is low (usually around 0.01-0.1%), it does not penetrate skin far enough to be absorbed into the bloodstream and it is safe to use in cosmetics.