In small bowl, beat cream cheese with electric mixer on low speed until smooth; beat in yogurt until smooth. Refrigerate about 30 minutes or until chilled.
Heat gas or charcoal grill. In small bowl, mix sugar, cinnamon and cloves; set aside.
Carefully brush grill rack with vegetable oil. Place peach halves, cut sides down, on grill. Cover grill; cook over medium heat 3 minutes.
Turn peach halves cut sides up. Brush cut sides with butter; sprinkle each half with about 1 teaspoon sugar mixture. Cover grill; cook about 3 minutes longer or until softened. Turn peach halves cut sides down; cook 30 to 60 seconds longer or until cut sides are caramelized.
To serve, spoon slightly less than 2 tablespoons yogurt mixture into each peach half; sprinkle each with 1 tablespoon cereal. Drizzle with warm caramel topping.