I've been meaning to do this for awhile, but for whatever reason I haven't so, enjoy.
Before I start, you must know that its very difficult to snap pictures of this process on your own and get every detail photographed. I'll do my best to fill you in on the little things I missed in the pictures through writing. For those of you who already tie your peeps like this, I realize I may be doing it backwards. For whatever reason, I always start from the left and work my way to the right. Go figure.
I start out with a two foot piece of serving material and double it over itself. After doubling it over, I slide it through my string wax to hold the ends together and make the material more managable to work with.
Secondly, I take one end (generally the end with two loose ends of the serving) and slide about three or four inches of it between the split portion of the string.
I'll then lay the four inch end of the string back towards the peep and begin wrapping the longer end of the serving over the top of it three times.
Again, taking the four inch end of the serving, I'll lay it back away from the peep and make another three to four wraps towards the peep. This will trap the four inch piece of serving between the two wrapped portions.
With the long portion of the serving free to work with, I'll wrap this end three times towards the peep over one portion of the seperated string.
Using the end of serving you just wrapped towards the peep, I'll now wrap this portion around the peep itself.
As you did previously, wrap the exposed piece of serving three times away from the peep on the same strands of string.
Wrap the remaining strand of serving three to four times around the string, pulling it as snug as you can in the process.
Now, this is the part of the How-To that will be difficult to see in the pictures so I'll do my best to explain.
You'll need to make a loop with what is left of the serving. Do your best to keep the distance inside the loop fairly far apart, an inch or more. You'll need to have five to six inches of the serving loose to work with, aside from the material making up the actual loop.
Using that five to six inches you have hanging loose, wrap this away from you back towards the peep.
Now, take the piece of serving you just wrapped towards the peep and hold it flush against the string. Take the loop itself and wrap it away from you. If done correctly, you should be wrapping over the extra piece of serving while at the same time getting rid of the wraps you previously made towards the peep. This part can be tricky at first, but you'll get it down pretty easily after you've done it a couple times.
You'll notice at this point that you still have a loop as well as a piece of serving hanging down from the bottom of your string. Take a pair of hemostats or pliers and wrap them around the piece of serving hanging from the bottom of your string. Once wrapped, pull this serving back towards the peep. This will get rid of the loop as well as tighten up the serving you've wrapped around your string.
Do the same thing with the left over serving on the opposite side of the peep. Wrap it around your hemostats or pliers and pull it snug towards your peep. This should have caused the serving on both sides of the peep to pull tight and snug up against your peep.
Now, cut the loose ends of serving left over making sure to leave a bit to burn. Being careful not to melt your string (I've seen it done) burn the left over portion of serving so that it won't pull through your serving. Do this on both sides.
Some people will tie their peeps in differently, this is just how I've done it for as long as I can remember. One thing I like about this method is that if I decide to try a different peep, one cut on the serving will allow me to completely unwrap all of my work, rather than having to carefully shave it off of the string.
Hopefully I've been clear enough throughout all of this that some of you who have been wondering how to go about this will be able to do it at home. It can be confusing and kind of a pain in the butt at first, but with a little practice you'll be able to do it in a matter of minutes.