Begin by washing your ripe peaches under cool water and then dice them into small chunks, removing the pits as you go.

In a medium saucepan, combine the diced peaches, granulated sugar, water, lemon juice, ground cinnamon, and vanilla extract.

Place the saucepan over medium heat and allow it to come to a gentle simmer, stirring occasionally for about 10-15 minutes.

If you prefer a thicker consistency, prepare a cornstarch slurry and stir it into the simmering mixture in the last few minutes of cooking.

Continue to simmer for an additional 2-3 minutes, stirring frequently until the desired thickness is reached.

Allow the warm compote to cool for a few minutes before serving it over pancakes, yogurt, or desserts.