Posted: 21/05/2014 at 11:17
Depends on which picture you call first, the top picture looks as if some TLC is needed the bottom picture what I would expect from a plant that is taking.
Paeonia tree or otherwise are hungry plants, it is policy to prepare the ground with plenty of fibrous and well rotted compost first. The plant needs to be planted at exactly the same level it was in the pot, do not cover the root ball with soil or anything, water it in.
Spread a mulch of compost around the root ball although not touching it and water that in.
Position should be late morning and evening sun so South and West facing never East facing as they can be damage by early morning frosts which we are still getting then the early sun thaws them too quickly. It could lay dormant for a couple of years then take off and last a lifetime, if you did it all by the book it would flower in three to five years though only a few flowers at first. Give it time.