Noted Judo Newaza expert Koji Komuro shows us how to perform a Loop Choke from Butterfly Guard:
http://youtu.be/OIl5-9Jq3ek
I do not have the Japanese translation, but the main steps are as follows:
From Butterfly Guard (Upright, Feet Hooked on Inner Thighs)
Grab Lapel Cross-Side Around Collar Bone Area
Pull Down and Break Posture so Forearm/Wrist is Across Neck
With Other Hand, Reach Over Back of Neck and Grab Inside of Sleeve of Choking Arm
To Finish, Pull Arms Out While Expanding Chest and Turning Body Towards Choking Arm in One Motion