Heat oven to 400°F. In 4-quart saucepan, mix 1/3 cup sugar, the cornstarch and cinnamon. Stir in peaches, water and lemon juice. Heat to boiling, stirring constantly; boil and stir 1 minute. Pour into ungreased 8- or 9-inch square (2-quart) glass baking dish.
In medium bowl, stir baking mix, 1 tablespoon of the sugar, the milk and melted butter until soft dough forms.
Drop dough by 6 tablespoonfuls onto hot peach mixture. Sprinkle remaining 1 tablespoon sugar over dough.
Bake 20 to 25 minutes or until golden brown. Serve with whipped cream.