Take a dash of magic, add a splash of hip-hop, stir in childlike wonder and the finest crocodile this side of Walt Disney World, and you have the makings of Olney Theatre’s production of “Peter Pan: The Musical.”

If you have only a vague recollection of Wendy, Captain Hook, Tinker Bell and the other inhabitants of J.M. Barrie’s magical world, this is a joyful refresher. Director Eve Muson keeps a steady hand on the musical comedy so it has just enough fanciful flights and enchanting extras to enthrall the kids and just enough modern subtext and first-rate musical interludes so as not to lose the adults. And talk about sheer fun — Peter Pan, played by Daniel Townsend, has just the right man-child attitude to pull off rubbing his derriere with soap in the hope of reattaching his shadow to make everyone howl with glee.