Red Peony is actually a very telling name. It is a Taiwanese take on the popular mainland white tea called, White Peony, or Baimudan. Red Peony is made almost in exactly the same way as White Peony, but using a red tea varietal, and oxidizing the tea a little bit more than usual to achieve the iron colored leaves.
The unique use of a red tea varietal in a white tea is exemplified in the minty fragrance of Red Peony, which I think adds to the refreshing quality of a tea that is walking an unusual line between light and robust.
In addition to classic gong fu cha, this tea can be made as a cold brew.