Peter Pan's Flight, located in Fantasyland, is a two to three person suspended ride in a miniature ship over London, Never Land, and finally through Skull Rock, where you can see Captain Hook, Mr. Smee, Princess Tiger Lily and the Crocodile before unloading.
This ride is usually all the time crowded 90% of the time. It's best to get to this one early in the morning or you can grab a fastpass. However, when we went in early June through the middle of June, we found that when we got to this ride in the afternoon to the later part of the day and got our fastpasses, we still had to come back within an hour and a half to two hours. This truly is a popular ride and believe it or not, the whole attraction from loading on to your mini-ship to when you get off is a little over three minutes long (oh wait a minute, I mean three minutes short). I really wish it could be longer being the reason you have to wait so long.
In closing, I don't recommend waiting in line for 60 minutes or longer especially in the hot summer sun. Get a fastpass, go across the way to It's a Small World, ride Cinderella's Golden Carousel, watch Mickey's PhilharMagic (an awesome 3D show), all depending on how much time you have before returning to Peter Pan's Flight.
Check out the video below for the entire ride from start to finish. It is a little dark but you can see a lot of it for the most part. And the music in it is just great.