Peel, skin and pit 2 pounds peaches. Chop into large pieces and place into large heavy bottomed saucepan.
Stir in 2 Tablespoons lemon juice and 1½ cups granulated sugar. Bring to a boil, stirring occasionally.
Drop to a simmer and continue to cook over low heat for about an hour or until fruit is soft and the liquid is thick and syrupy.
Remove from heat and stir in 1 Tablespoon vanilla extract.
Use while warm or refrigerate until ready to use.
Notes
You can use frozen peaches if you don't have fresh peaches.
For a smoother sauce, use an immersion blender after it has been cooked down or put the sauce in a blender and pulse until you get your desired consistency.