PREPARATION:

1. Combine peaches and thawing liquid, sugar, lemon juice, cinnamon and nutmeg in heavy, medium saucepan.
2. Bring to a boil over high heat. Boil 45 to 50 minutes or until thickened, stirring occasionally and breaking peaches into small pieces with back of wooden spoon. Remove saucepan from heat; cool completely.
3. Store in airtight container in refrigerator up to 2 months. Serve with waffles of pancakes.