This smiley, also known as the Dorito Face, is typically used in a cheeky, passive-aggressive, taunting sort of way. It has recently become popular and is frequently seen during arguments.
This symbol can be use to define a cute status of frustation like:
1. Oh my god, that cat is so cute. I want it to be mine!!! *^*
2. I want to go school one hour later and sleep a little bit more, damn it *^* I really want to but I can't *^*
Person 1:"So have you gotten that project finished yet?"
Person 2:"No, but I've started it."
Person1:"How many pages do you have left to write?"
Person2:"12 ;^ ;"