The peelout enables you to leave a fast moving eddy and quickly get your boat out into the current.  Don't forget to lean downstream and charge out of the eddy.  We have two basic strategies for peelouts.  The most common approach is blasting out of the eddy to get in the middle of the stream or current.  This is known as a wide peelout.  We also use this approach to set-up for a ferry.  Key to making this work are proper boat angle and paddling on both sides.  The other approach is a very tight turn where we are simply interested in passing through the eddy fence and immediately heading down stream.  This is known as a shallow peelout.  The shallow peelout relies on a static bow draw that eaches to the other side of the eddy fence.  This approach requires a sharper boat lean downstream to keep from flipping.

Here is a great example from Janet Cowie of Zoar Outdoors: Wide Peelout.  Here is a shallow peelout demonstration: Shallow Peelout.