Preparation Melt butter in heavy large skillet over medium heat. Add sugar and cinnamon and cook, stirring often, until sugar begins to dissolve (mixture may clump together). Add peaches and vanilla. Sauté until peaches are tender, stirring occasionally, about 4 minutes. Remove skillet from heat. Stir in rum. Return skillet to heat and cook until sauce thickens, stirring frequently, about 2 minutes. Spoon peaches and sauce over ice cream.
Preparation Melt butter in heavy large skillet over medium heat. Add sugar and cinnamon and cook, stirring often, until sugar begins to dissolve (mixture may clump together). Add peaches and vanilla. Sauté until peaches are tender, stirring occasionally, about 4 minutes. Remove skillet from heat. Stir in rum. Return skillet to heat and cook until sauce thickens, stirring frequently, about 2 minutes. Spoon peaches and sauce over ice cream.