The term neener- neener derives from the ancient school named Freeman in Babylon. It is typically used in the phrase Young neener neener meaning whats good to the homies. Only a select few will ever understand.
You see your friend john on the road at a stop light. You shout young neener neener, and john nodes and replies younggggg with the emphasis on the "G". Then they would bot go on their way knowing they knew "what was good".
Childish taunt typically used to express that the taunter is getting away with a sleight against the tauntee in some manner.
Once Jeremy got in the car he rolled down the windows and showed Ron the candy bar he filched from his backpack and shouted 'neener-neener' while rolling away.
A childish taunt or jeer pronounced with a nasal sneer, for lack of a more intelligent retort to someone else's jeer or taunt, usually from a peer. Sometimes sung to the tune of "Ring-Around-the-Rosy" for really driving the point home.