Heat oven to 425. Spray an 8 x 8 baking pan w/ cooking spray. In lg saucepan over medium heat, combine peaches, water, 1-1/2 cups sugar and cornstarch. Cook, stirring until it boils. Boil 1 min. Reduce heat to low. In lg bowl, stir together baking mix, 2 tbsp sugar, melted butter and milk to form a soft dough. Place dough on floured surface. Knead and roll out into a 9" square. Spread soft butter over dough. Combine 1/4 cup sugar and cinnamon. Sprinkle over butter. Roll dough into a log shape, cut into 6-1-1/2"-slices. Pour peaches into baking pan. Place rolls, cut-side up, on top of peaches. bake 25 min, or until puffed and golden.