The SD card version is the best one, but if you really want to try...
Sit Pleo so the tail is pointing directly at you.
With your left hand place your pinky finger on the left rear leg sensor (I find it easiest to use the side of my pinky), your thumb on the shoulder sensor and your forefinger on the front left leg sensor.
With your right hand place your palm on the rear back sensor and your fingers on the rear right leg sensor...
Now do all that at the same time
If you manage the hand gymnastics just right Pleo will go into watchdog mode... if done incorrectly you'll look pretty silly
Remember to practice, do warm up exercises, hand stretches, and grow longer fingers or an extra hand...
Edit: Pleoworld says touch just one back sensor, but I always have to touch both, however that may be because Lilo has faulty back sensors.