Preheat oven to 350°F. Prepare a 12 cup baking tin with cooking spray.
In a small saucepan, bring 1/2 cup sugar, lemon juice, cinnamon and chopped peaches to a slow boil over medium heat stirring continuously. Once boiling, remove from heat and set aside. Once mixture is completely cool, strain the juice from the peaches into a medium bowl. Whisk in eggs with the juice.
In a separate bowl, stir together flour and remaining 1/2 cup sugar. Add baking powder, salt and cereal. Combine.
Add chopped peaches to the flour mixture and toss until well coated.
Pour egg/peach juice mixture into the flour/peach mixture and stir gently, just until ingredients are incorporated and turn to a moist batter.
Divide batter equally among the muffin cups (will get 10-12 muffins).
Bake for 20 minutes or until toothpick inserted into the center of the muffin comes out clean.
Remove to a wire rack to cool.