Heat pancake griddle to 375°F (medium heat). Lightly grease griddle.
Measure pancake mix by lightly spooning into measuring cup and leveling it off. In medium bowl, combine pancake mix, water, chopped peaches, and cinnamon until just combined. Do not over-mix.
Pour slightly more than ¼ cup batter per pancake onto griddle. Cook for 1 – 1½ minutes per side, turning only once.
Spoon optional whipped cream and sprinkle cinnamon onto each pancake.