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Pepperoni Nips 

a girl's nipple that looks like a dried up pepperoni that was just baked at 450 degrees in the oven.
Dude, alexis has the nastiest pepperoni nips... they also taste greasy

Pepperoni nips  

huge nipples just like lilly
Pepperoni nips by mattyh818 January 12, 2008

peperoni nips 

Nipples that are the size of a slice if peperoni. Typically found on women, but occasionally on men.
"Damn Leroy, that bitch has peperoni nips!!!"
peperoni nips by hudlei August 17, 2008