Well with Penis Enlargement I never quite got the point of peeling (I'm uncut as well). I have had a small forest of red spots that were itchy, but I didn't itch them, just pulled the foreskin up and back over them to re-moisturize them and they went away within a day or so.
However, when I first started having sex (gf has a more acidic pH pussy apparently) I would get the kind of irritation you are experiencing. Would be red for days, with some slight peeling. I found what helped this was to actually retract the foreskin all the way whenever I could, to air it out a bit. But you may want to hold off on intense exercises for awhile and see if it starts disappearing on its own. The peeling may simply be a result of the head being too sensitive at this point and will come back a little more versatile each time. Good luck!