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1.
The act of rubbing ones clothed male genitals on the person of someone else without their knowledge.
Ew! That weird guy just came up and peened my leg while I was dancing!

Ugh, peening is so gross.
by Al and the Lu man August 18, 2011
 
2.
Flirting, to flirt with intent to achieve.
"Dude, you planning on peening with her this weekend?"
by Ak123456789 November 06, 2006