I seem to have a particular penchant for folk watercolors dating the 1830s or so, as this one does--just my brand of naivete, I guess. Absent a staff, I don't guess that she was meant to represent Bo Peep herself (earliest printed version of the rhyme in 1810, London), though she's just how I would imagine her! Ink and watercolor, looks I think like laid paper, with very old fold lines as evident.

5 1/16" x 3 3/8", under glass in simple antique wooden frame, where it has clearly lived a very long time.  Fold lines to the paper as evident split in a few spots just a bit; stable in frame, with great color.