In a small bowl stir together butter, cinnamon, and cayenne pepper; set aside.
For a charcoal or gas grill, grease grill rack. Place peaches on the rack of a covered grill directly over medium heat. Grill for 6 to 8 minutes or until heated through and golden grill marks appear, turning once halfway through grilling. Remove from grill. Place tortillas on grill rack. Grill for 2 to 4 minutes or until crisp and lightly browned, turning once halfway through grilling.
Slice peaches. Spread butter mixture on one side of tortillas; top with peach slices. Drizzle with cajeta. Cut into wedges. If desired, serve with whipped topping.