Cream the butter and sugar until pale and fluffy. Beat in the eggs, in 4 additions, mixing well after each addition.
Sift in the flour, baking powder and salt. Stir to combine, then slowly add the milk until well combined and you have no lumps. Leave to stand around 30mins. Cut the peaches into eighths, discard the stone.
When ready, heat the waffle iron and brush lightly with oil before baking the waffles, one at a time. Keep warm in the oven
Add butter and sugar for the peaches in a pan, stir until dissolved and toffee coloured. Add peaches and cinnamon and toss until peaches are soft.