Peacemaker's journey, in order
To watch Peacemaker's story in order, start with The Suicide Squad, then Peacemaker: Season 1 and Peacemaker: Season 2. That's 3 out so far, about 14 hours, ending with Peacemaker: Season 2.
Peacemaker started as a villain in The Suicide Squad and got his own series. Its second season is part of James Gunn's new DC Universe, set after Superman.
Updated
Peacemaker's story in order

The Suicide Squad
Peacemaker is introduced as one of Task Force X.

Peacemaker: Season 1
Peacemaker joins a secret team hunting 'butterflies'.

Peacemaker: Season 2
Peacemaker in the new DC Universe.
Also worth watching

Superman
The DCU's first film, which Season 2 follows.
Questions
What order should I watch Peacemaker's story in?
Start with The Suicide Squad, then Peacemaker: Season 1 and Peacemaker: Season 2, and follow the list above: 3 in all, ending with Peacemaker: Season 2.
How long does it take to watch all of Peacemaker's story?
About 14 hours for the 3 out so far.
Is Peacemaker part of the DCEU or the DCU?
Both. Season 1 followed The Suicide Squad, and James Gunn carried Peacemaker into the new DC Universe for Season 2.
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