Both the “I” and the butterfly are the dreamed objects as of the nature of animation of manifestation, whereas the “One” is neither.
The “One” is the pure subject witnessing the object.
The “One” is that which animates both the subject and the object.
Devoid of the object, there is only “Oneness”!
Whereas devoid of the ‘Oneness”, both are neither!
In peace!