I found this recipe on Pinterest (now it's saved on my "In the Kitchen" board. The recipe came from here. I am even canning this into pint jars, it's that good!
Peach Pancake Topping
makes about 3 cups
2 1/4 cups frozen peaches (1 16-ounce bag)
1/2 cup white sugar
1 cup orange juice
1 cup water
1/4 teaspoon nutmeg
1/4 teaspoon cinnamon
1 1/2 tablespoons cornstarch
1/4 cup cold water
Put the peaches in a 2 quart saucepan. Stir in the sugar, orange juice, water and spices and bring to a simmer over medium heat. Stir often and make sure that the mixture doesn't boil over. Simmer for about 15 minutes or until the sauce is slightly reduced and the peaches are tender.
In a small bowl, whisk the cornstarch into the cold water until completely dissolved. Add to the peaches, stirring briskly. Stir constantly over medium heat until the sauce is slightly thickened - just a couple minutes.
Serve while warm.
Tiff's Notes: I processed pints in a water bath for 15 minutes, like you would jam.