Preparation - Drain the peach juice into a saucepan. Add 3/4 cup water, brown sugar, and cinnamon. Bring to a boil. Combine the cornstarch with 1/4 cup water. Stir until smooth. Pour into the juice mixture and return to boiling, stirring constantly. Remove from heat and stir in the sliced peaches. Serve warm over pancakes, waffles, or French toast.