Peeps
1) cute little delicious marsh-mellow chicks. Usually are around about Easter. The Peeps company also makes bunnies. They sell novelty peeps items such as peeps socks, flashlights, plush, containers, easter baskets, and much more.
2) Short for "people".
3) Friends, buddies , pals, etc.
1) "Mmmmmmmm! these peeps are delicious! I'm going to eat these everyday for breakfast!"
2) "Hey peeps! What's up?"
3) "These are my peeps"
While I think that everytime I hear someone say it, that is not what the OP is refering to of course which makes the first example sentence of definition three particulalrly disturbing to me.
My 5 yr old daughter has a t-shirt that says "hangin' with my peeps" and has little marshmallow peeps on it!