Select firm, ripe peaches. Remove skins by scalding. Insert 3 whole cloves in each peach.
Put vinegar in a kettle, add the sugar and 2 sticks of cinnamon. Bring to the boiling point and let boil 5 minutes. Drop peaches into the boiling syrup, a few at a time. Let boil 5 minutes or until the peaches are tender and transparent. Discard cinnamon sticks.
Pack the peaches in sterilized jars, placing a small piece of a new cinnamon stick in each jar. Pour the hot syrup over them until jars overflow. Seal tightly.