Step 1: Make the Topping
Preheat oven to 400 degrees F. In a medium bowl stir together flour, 2 tablespoons sugar, baking powder, salt, and cinnamon. Using a pastry blender, cut in butter until mixture resembles coarse crumbs; set aside.
Step 2: Make the Filling
In a large saucepan combine 1/3 cup sugar, 1/4 cup water, and cornstarch. Stir in peaches. Cook and stir until slightly thickened and bubbly. Keep filling hot over low heat.
Step 3: Assemble Cobbler
In a small bowl stir together egg and milk. Add egg mixture to flour mixture, stirring just until moist. Transfer hot filling to a 2-quart square baking dish. Using a spoon, immediately drop flour mixture into six mounds on top of filling.
Step 4: Bake
Bake peach cobbler in the preheated oven for 20 to 25 minutes or until topping is golden brown. If desired, serve warm with ice cream. Makes 6 servings.