Folding the butter into the dough and refolding creates layers that puff up when cooked.
When the dough has risen, punch it down, then roll it out to a rectangle just over twice as long as the butter and a little wider. Put the butter on the lower half of the dough and bring the dough over to enclose it.
Turn the dough so the fold is on the right, then roll out into a rectangle. Fold the dough into even thirds, like a letter, with the bottom third up and the top third down. Chill, then repeat twice.