Whiteside Locking Drawer Glue Joint Bit
To set it up you simply center the profile on the edge of your material, than rout one face up and the other face down. It's helpful to plan out your material ahead of time.
This cutter is heavy duty, 1-1/2" in diameter with a 1/2" shank. Use it in a router table with a fence capable of being setup with an offset, like a jointer. As long as your fence has removable sub-fences, shim out the out-feed approximately 1/32nd of an inch.