As this cake mixes together quickly, first grease a bundt pan with cooking spray so that it's ready when you are. Also, preheat the oven to 325°F.
Using a handheld electric mixer or stand mixer with paddle attachment, cream together butter, both sugars, and cream cheese for several minutes until it has a pale, almost white appearance.
1 cup unsalted butter, softened, 2 cups granulated sugar, 1 Tablespoon light brown sugar, packed, 8 ounces cream cheese, softened
Add the vanilla, lemon juice, peach juice, and milk - mix it all together.
¼ cup reserved peach juice, 1 Tablespoon vanilla extract, 2 teaspoons lemon juice, ½ cup milk
Next, add the eggs and mix again until smooth.
5 large eggs, at room temperature
In a separate bowl, stir together the dry ingredients of flour, salt, and baking powder.
3 cups all purpose flour, ½ teaspoon salt, 1 teaspoon baking powder
Add dry to wet ingredients and mix just until all ingredients come together. Don't overmix.
Finally, stir in the chopped peaches.
1 ½ cups canned peaches in juice (or syrup), roughly chopped (about one 15-ounce can)
Now that the batter is mixed, line the bottom of the bundt pan with peach slices all the way around. For my pan, I used 16 slices of peaches (almost one can's worth).
15 ounce can of peaches, sliced
Finally, pour the cake batter over the peaches, spreading it out evenly with a rubber spatula if necessary. Tap the pan on the counter a few times to remove any air bubbles.
Bake on the middle rack of your oven for 70 to 80 minutes or until a toothpick inserted in the center comes out clean.
Once finished baking, remove from the oven and let cool on the counter completely before inverting onto a plate.
While the cake is cooling, make the glaze.