Day seven and the peeps are not dissolving. Now bacteria is growing in the water beaker. (And it's red so it looks really gory with a white ghost peep) "Googled" dissolving peeps experiment and learned some sad news: peeps do not dissolve unless you have a really toxic substance like phenol. Read more here: http://peepresearch.org/solubility.html.
My conclusion: I am not in a big hurry to ever eat a peep again!