Classic. From the two-hand undercling, make a long move to a left hand edge. Grab the small pocket, set your feet and jump with all you're worth to a good hold and top out on knobs. A beautiful line, enhanced by the fact that it is the only problem on the boulder.
Location
Look for Cross-Eyed Nurse, the cool double arête problem visible from Bill Boulder. Trend generally straight uphill, scrambling over boulders until you find The Peanut (may take a bit of poking around, or just ask someone.)
Protection
The landing isn't too bad given the location, but a few pads and spotters are still quite nice.