Mouse's "No Peter Pan" is about a relationship that has turned sour and a speaker who has had enough. The opening lines admit that both people hurt each other, and the speaker seems tired and a little puzzled about why they keep going. They are each other's strength and each other's critic, and the arguments are described as animal attacks, with words like "talons and claws."
The middle section shows the gap between them. The partner wants a fairy-tale princess, but the speaker sees herself as a "kitchen hand," someone practical and real. She tells him fairy tales aren't true and calls him a fool for believing in them.
The ending is firm and direct. He can return to Neverland, the place where boys never grow up, and she'll stay in Wonderland. The last two lines say it plainly: she doesn't want a boy, she needs a man. The mood is frustrated and weary, but also determined.