The observation of a girl's underwear, hopefully a thong, that is sticking out of their pants. If its in the back, we call 'er the regular 'peaker.' For the front, see frontal peaker
"Ooo shit man...look! look! look!...she's peakin"
"Wait for it....wait for it....PEAKER!"
"We got a lil' peakpeak I see"