It was a retelling of Peter Pan, but the gimmick was that you had a magical pencil, eraser, and paintbrush that interacted with the environment to get Peter Pan out of trouble, with multiple options for every "page". The pencil and eraser are self explanatory, while the paintbrush would alter an existing object's color to make it behave differently ie paint a vine to make it turn into a snake to scare the pirates.
I wasted many hours on this game and just can't remember what it was called. This was in the mid 90's. but the game could've been a little older, from the early 90's, if that's any help.