As you can see here, Tinkerbell has a lil bit of a lol in front of Peter's face, but in doing so, she accidentally gives Peter a wonderful view of those glowing Tinkerbuns. As soon as this happens, he looks away. If you looks closely though, you can tell I am not making something out of nothing. When Tink starts to bend over, Peter's eyes track her ass ever so slightly until she bends completely over. It's almost as if as soon as he realized he was in for a full moon, he looked away. I have come to to conclusions as to why he did this.
1. He is gay and afraid of Tink's sexy backside
2. He is a gentleman.
I'm going to have to go with option #1 considering that Peter Pan hangs out with a bunch of underage male furries, exchanges saliva with them, and wears tights
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He could be a gay gentlemen. They do exist. They wear fedoras and have neckbeards, and are often mistaken for man babies.