Bake biscuits as directed on bag; cool slightly, about 5 minutes.
Split biscuits horizontally. Place on cookie sheet. Place one piece cheese on each biscuit half.
In small bowl, break up peach preserves; blend with lemon juice and cinnamon; spoon over cheese. Sprinkle with walnuts. Bake at 350 F. for 3 to 5 minutes or until cheese is softened.