Pre-heat oven to 350 degrees. Use a knife to cut each biscuit into quarters. Use fingers to flatten each quarter into a circle. Use a spoon to dollop about 1/2 teaspoon of cheese onto the center of the flattened biscuit piece. Wrap the edges of the piece around the cream cheese, pinching to seal. Roll the piece between your hands to form a ball. Repeat with all of the remaining biscuit quarters.

Measure the sugar and cinnamon into a gallon-sized zip-top bag. Place the biscuit/cream cheese balls into the bag, and shake well to coat. Remove the biscuits from the bag, reserving the sugar mixture in the bag.

Peel the peaches, and cut in half to remove the pits. Chop each half into 1/2" pieces. Place the peaches into the bag with the sugar mixture, and toss well to coat.

Spray the Bundt pan with non-stick cooking spray. Layer half of the biscuit/cream cheese pieces in the bottom of the pan. Next, layer the chopped peaches on top of the biscuit layer. Finish by layering on the remaining biscuit/cream cheese pieces.

Place the peach preserves and butter in a medium microwave-safe bowl, and microwave on high in 30-minute intervals, stirring after each interval, until the preserves and butter are melted and well combined. Pour the preserve/butter mixture evenly over the contents of the pan.

Place the pan in the preheated oven, and bake for 35-40 minutes, until golden and bubbly. Cool on a wire rack for 10 minutes before inverting onto a serving platter to cool slightly.

For the glaze, beat the 4 ounces cream cheese at high speed until fluffy. Add the powdered sugar, 1/2 cup at a time, beating well to incorporate. Mix in the vanilla and milk. Pour the glaze into a quart-sized zip-top bag and snip off one corner of the bag. Drizzle the glaze over the monkey bread.