Extremely flamboyant individual who is suspiciously gay, moving about with feminine characteristics.
"Will you quit peter panning around the house and get ready for dinner."
When a guy wants to send a seductive dick pic but is embarrassed by his small junk he sends a picture of the shadow of his dick so as to leave it's size up to the recipient's imagination.
Ethan: Bro, I'm so peter panning Mary right now.
Mary: OMG Ethan just peter panned me!
Susie: I wonder how big it really is...