It is known that the OFDM modulation is very suitable for very high-speed wireless transmission systems because of its bandwidth efficiency and ability in dealing with multipath fading. Still, large peak to average power ratio (PAPR) of an OFDM signal limits the OFDM system application to a certain degree. Peak windowing is an effective PAPR reduction technique due to its simple practical implementation and it independence of number of subcarriers. In this paper, a peak windowing technique with a better spectral characteristics is presented and analyzed using different window functions, several modulation techniques as well as at different number of subcarriers. The simulation results performed in MATLAB with the help of complementary cumulative distribution function (CCDF) and bit error rate (BER) shows better PAPR reduction of about 2dB at 512 subcarrier technique as compared with original OFDM system.