1. Brown the butter in a small saucepan over medium heat, stirring occasionally. Remove the butter from the heat and pour into a separate heat proof bowl to stop the browning. Cool completely.
2. Preheat oven to 325 degrees. Whisk together the brown butter, peach puree, brown sugar, white sugar and vanilla. Beat in eggs. In a separate bowl, mix together the flour, baking powder, salt and cinnamon. Gently stir into the large bowl along with diced peaches, mixing until just combined.
3. Fill lined cupcake tins 3/4 full. Bake for 20 minutes. Cool completely on wire racks.
4. To make the frosting, beat together butter and cream cheese until fluffy. Beat in the peach puree and vanilla. Add enough of the powdered sugar until a piping or spreading consistency is reached. Spread or pipe onto cooled cupcakes.
5. *To make peach puree, heat 3 cups of diced peaches, 1 T lemon juice, 1 T water and 1 T sugar in a saucepan over medium heat. Bring to a boil and let it simmer for 5 minutes, stirring frequently. Remove from heat and let cool to a warm temperature. Blend in a blender until smooth. Cool completely before use.