The strip tease sequence is only accessible by female premium characters.
To strip, you have to go to a dance pole, which can be found either in a VIP room in the Plaza Hotel or in the Vodka Bar in Red Heat. You will have to possess a stripper outfit, which can also be bought in the Vodka Bar.
The sequence will start with you wearing your stripper outfit. You can choose between several positions and remove your clothes at the pace you want. Any other player going to the pole dance will enter the sequence, seeing your actions and being able to chat with you and other viewers. All viewers can throw money to the stripper, in amounts going from 10$ to 200$. Their is no maximum limit to how much can be thrown, so it can be used as a way to transfer money between characters.