Look both ways (3)
(Other definitions for eye that I've seen before include "Sense organ" , "Bit of a potato (or a needle?)" , "Ogle" , "Optic organ" , "Body organ" .)
I believe this clue is a double definition.
'look' is the first definition.
(peep can mean to look at something)
'both ways' is the second definition.
(Other definitions for peep that I've seen before include "Look furtively (either way)" , "Chirp" , "Secret look" , "Spy" , "Peek" .)