Carefully remove the skin and pits from 4 large peaches. Chop the peaches into bite-sized pieces. (Be sure to do this over a bowl to catch any juices.)

In a medium saucepan, combine the diced peaches, honey, lemon juice, water and ground cinnamon.

Cook the mixture over medium heat, stirring occasionally, until the peaches become soft and the mixture thickens to your desired consistency.

Remove the saucepan from the heat once the peaches are softened. Stir in the vanilla extract and salt.

Let the compote cool for a few minutes before serving. Or, once the compote has cooled to room temperature, transfer it to a jar or container and refrigerate.