A fork of Rural Dictionary
A person that is ready for bedtime, often the sleepy person's friends are begging them to keep the party rolling.
James: I'm ready for bed. It's one in the morning. Fred: Stop being a sleepy peepy and come dance!
An unfortunately-timed flaccid penis.
Angela-- You had sleepy peepy again last night, Brendan. No more whiskey before bed. Brendan-- : (
peepies = eyes so if you have sleepy peepies, then you have tired eyes
jasmine: I have had such a long day Joanne: you look tired, you have sleepy peepies