Heat oven to 350°F. Uroll 1 dough sheet; press into 12x8-inch rectangle. Cut dough sheet into 12 squares. Repeat with remaining dough sheet. Place 1 dough square in bottom and up side of each of 24 ungreased regular-size muffin cups, letting points of dough extend over edge of cup. Place 1 piece of cream cheese in bottom of each cup.
Bake 12 to 17 minutes or until golden brown.
Meanwhile, in 1-quart saucepan, add peach preserves, shallots, 2 teaspoons lime juice, chili powder and cumin; mix well. Cook over medium-low heat 8 to 10 minutes, stirring occasionally, or until thoroughly heated. Remove from heat; stir in cilantro.
Remove cups from pans; place on serving platter. Immediately spoon about 1 teaspoon peach sauce over cream cheese in each cup. Sprinkle each cup with lime peel. Serve warm with remaining sauce.