In saucepan combine sugar and 1 cup water.
Heat and stir to dissolve sugar.
Remove from heat.
Add wine, spices, lemon peel, and lemon juice.
Place peaches in syrup mixture, turning to coat.
Bring mixture to boiling; reduce heat.
Cover and simmer about 5 minutes or till peaches are just tender.
Turn peaches several times; cool in syrup.
To serve, place 2 peach halves in each sherbet dish; pour about 1/3 cup syrup over each serving.