Peach Waffle Syrup

20 ounces peach slices, frozen -- unsweetened, thawed, chopped
2 cups water
1/2 cup confectioner's sugar -- (can be increased to 2/3 cups)
1/8 tablespoon cornstarch
2 tablespoons cold water

In a large saucepan, combine the peaches, water, confectioners sugar and cinnamon. Bring to a boil. Reduce heat; simmer, uncovered, for 20 minutes.

Combine the cornstarch and cold water until smooth; gradually add to the peach mixture.

Bring to a boil; cook and stir for 2 minutes or until thickened. Serving size = 1/4 cup.