1/2 cup water
3/4 cup sugar
4 large peaches, pitted, peeled, and diced
1 tablespoon cornstarch
1 tablespoon peach schnapps
Combine the water and sugar in a saucepan. Heat until the sugar melts and just begins to caramelize.
Add the peaches and cornstarch and stir to combine. Simmer for about 5 minutes.
Add the peach schnapps off the heat, then return to the heat and cook for an additional minute.
Blend the sauce with an immersion blender. Serve hot or chilled over waffles, pancakes, or ice cream.