Prep the peaches:
Wash and slice the peaches into thin wedges.

Melt the butter:
In a large skillet over medium heat, melt the butter.

Add the peaches:
Add the peach slices to the skillet and cook for 2–3 minutes, stirring occasionally.

Add sugar and spices:
Sprinkle in the brown sugar, cinnamon, nutmeg (if using), and a pinch of salt. Stir well to coat the peaches.

Cook until caramelized:
Continue cooking for 5–7 minutes, until the peaches are tender and the sauce is thick and bubbly.

Finish with vanilla:
Stir in the vanilla extract and cook for 1 more minute.

Serve warm:
Spoon over pancakes, waffles, ice cream, or eat straight from the pan!