salam.dear sheikh what is the meaning of hadith in which a companion decided to allocate all his prayer as salawaat on the prohet peace be upon him
All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad  is His slave and Messenger.
  is His slave and Messenger. 
The Hadeeth which you referred to was narrated by Ubayy  who said: “I said: "O Messenger of Allaah, I send much blessings upon you. What proportion of my prayer should I devote to you?" He said, "As much as you wish." I said, "A quarter?" He said, "As much as you wish, and if you increased it, then this would be better for you." I said, "Then a half?" He said, "As much as you wish, and if you increased it, then this would be better for you.” I said, "Then two thirds?" He said, "As much as you wish, and if you increased it, then this would be better for you." I said, "I'll devote all of my prayers to sending blessings upon you." Thereupon the Prophet
  who said: “I said: "O Messenger of Allaah, I send much blessings upon you. What proportion of my prayer should I devote to you?" He said, "As much as you wish." I said, "A quarter?" He said, "As much as you wish, and if you increased it, then this would be better for you." I said, "Then a half?" He said, "As much as you wish, and if you increased it, then this would be better for you.” I said, "Then two thirds?" He said, "As much as you wish, and if you increased it, then this would be better for you." I said, "I'll devote all of my prayers to sending blessings upon you." Thereupon the Prophet  said: “In that case, it will suffice you from your worries and your sins will be forgiven." [Ahmad and At-Tirmithi who classified it as Hasan (good)]
  said: “In that case, it will suffice you from your worries and your sins will be forgiven." [Ahmad and At-Tirmithi who classified it as Hasan (good)] 
Also, in Tuhfatul Al-Ahwathi, reported by Ahmad and Al-Haakim who classified it as Saheeh (sound), and in a narration by Ahmad that Ubayy  said: A man said: “O Messenger of Allaah, what do you think if I reserve all my prayers to you? He said: If you do so, Allaah Almighty will suffice you your worries of this worldly life and the Hereafter." Al-Munthiri said: "Its chain of narrators is good.” Al-Qaari said: “There are many narrations of the same Hadeeth, and in a narration he [the narrator] said: "I pray by night" instead of saying "I send much blessings upon you"; so his saying ‘What proportion of my prayer should I devote to you’; means: instead of my prayer by night.”
  said: A man said: “O Messenger of Allaah, what do you think if I reserve all my prayers to you? He said: If you do so, Allaah Almighty will suffice you your worries of this worldly life and the Hereafter." Al-Munthiri said: "Its chain of narrators is good.” Al-Qaari said: “There are many narrations of the same Hadeeth, and in a narration he [the narrator] said: "I pray by night" instead of saying "I send much blessings upon you"; so his saying ‘What proportion of my prayer should I devote to you’; means: instead of my prayer by night.” 
As regards the meaning of the words: (What proportion of my prayer should I devote to you?), i.e. instead of my supplication that I supplicate for myself; this is what Al-Qaari said. Al-Munthiri said in At-Targheeb: "This means: I make a lot of supplication; how much supplications should I reserve to you from my supplications, (he said: as much as you wish), meaning you may allocate any proportion that you wish, and his saying: (I said I will reserve all my supplications for you), meaning I will devote my supplications to you all the time that I used to supplicate for myself; (he said: in this case, it will suffice you from your worries) the worries is whatever a person needs in this worldly life and the Hereafter; meaning if you devote all the time of your supplications in sending blessings upon me, you will be given your aspirations of this worldly life and of the Hereafter.” [Excerpted from Tuhfatul Al-Ahwathi] 
So, this Companion wanted to devote the time that he used to supplicate for himself for sending blessings upon the Prophet  . The Fatwa of the Permanent Committee reads: “The Hadeeth does not negate that a person supplicates his Lord and asks Him all his needs with legitimate supplications, and sends as much prayers on the Prophet
. The Fatwa of the Permanent Committee reads: “The Hadeeth does not negate that a person supplicates his Lord and asks Him all his needs with legitimate supplications, and sends as much prayers on the Prophet  as possible; so one should do both.”
  as possible; so one should do both.” 
Allaah Knows best.
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