Go into a basic invert on the pole. Place your inside arm low on the pole, fingers towards the ground. Use this arm to pull your head closer to the pole so that your body is inline with the pole. Pull with your top hand and push with your bottom hand. Take your inside (back leg) off of the pole and bend towards your head. This is the Butterfly. If you feel secure, move your body further away from the pole by sliding your outside leg down the pole slightly, while still keeping your body parallel to the pole.
For the Extended Butterfly straighten out your back leg. When you feel secure start to straighten out your front leg, keeping contact between your calf and the pole. Take your front leg out until your heel is keeping you on the pole. This is your Extended Butterfly.
To come out, pull your body back into the pole to dismount, or look to the ground and come out in a handstand.