In a small pot, over medium heat, combine the peaches, sugar, vanilla extract, a sprinkle of cinnamon and the lemon juice. Stir to make sure the ingredients are well combined. Bring to a simmer, and simmer until the mixture thickens and the peaches start to break down, about 15 minutes. Taste and, if you like, season with more cinnamon or an extra bit of lemon juice.