Simmer water, sugar, vinegar and cinnamon in 8-inch skillet 5 minutes.
Peel peaches, and halve, removing stones.
Press 3 whole cloves into rounded side of each half, and drop into simmering syrup.
Cover pan, turn heat low and gently cook 3Ã¢â‚¬â€4 minutes.
Turn peach halves over, and continue cooking until just tender, about 2 minutes longer.
Cool in syrup, drain and serve.
Keep leftover syrup in covered jar to use again.