In a microwave safe bowl, microwave a single Peeps bunny for 10 seconds.
Heating the marshmallow peep will cause it to puff up. Allow it to sit for few seconds to return to a slightly larger than normal size.
Stir well, until the melted Peeps has a smooth consistency. If all of the marshmallow is not melted, microwave for an additional 5 seconds.
Use a paintbrush to apply your homemade puff paint to paper and enjoy.
Notes
As the puffy paint cools down, it will become more difficult to work with. If this happens, just pop it back in the microwave for 5 seconds.
This is not the type of puffy paint that can be made ahead or stored. I recommend making the paint and use it as you go along, working with one color at a time so that the paint does not cool down too quickly.