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1.
Pulling back the foreskin of an uncircumcised man's penis
Q: Hey do you know if Jake is jewish?
A: Naw, I looked over his shoulder at the urinal the other day, and saw him peel the banana
by Truth on Toast March 06, 2014
 
2.
when a girl unzip a boy's pants and she his penis.
a girl unzip a guy's pants to see his penis
peel the banana
by TBOW January 19, 2012
 
3.
Another way to flick some one off by holding up three fingers.
Peel the banana! *Holds up index, middle, and ring fingers*
by Mimz October 12, 2005