Uh, Crazy, it looks like you put the peltier on the backside of a heatpipe. Its supposed to be on the CPU directly.
Think of it like tis. The peltier just creates a difference of temp on its opposing sides. It doesnt care if the 'cold' side is 10 degrees or 200. It will make the hot side hotter than that. So its alot like running an airconditioner. It creates cold air on the condenser, and the coil gets hot. The coil is on the outside of the building. If you run it during the winter time, the AC is not more efficient just because the air outside is freezing.