Heat oven to 375°F. Separate dough into 5 biscuits. Place on ungreased cookie sheet. Sprinkle sugar evenly on tops of biscuits.
Bake 11 to 15 minutes or until golden brown. Cool 5 minutes.
To serve, split biscuits; on 5 individual serving plates, layer with peaches, reserved liquid and whipped topping. Sprinkle with cinnamon.