In a large saucepan, combine the water, sugar, vanilla and cinnamon; add peaches. Bring to a boil. Reduce heat; cover and simmer for 10-15 minutes or until peaches are tender. Remove peaches with a slotted spoon; cool to room temperature. Discard cooking liquid. Halve, pit and peel peaches; refrigerate until chilled.
In a small bowl, beat the cream cheese, confectioners' sugar, chocolate chips and orange juice until blended. Pipe or spoon into peach halves. Sprinkle with additional cinnamon.