Preheat oven to 350 degrees F (175 degrees C).
Spread peach slices evenly into a 9×13 inch baking dish. If using canned peach juice, pour 1 cup of it over peach slices. If using fresh peaches, combine water and sugar in a small bowl. Stir to dissolve, then pour mixture over peaches.
Sprinkle cinnamon over peach slices, followed by dry cake mix. Top cake mix with pats of cream cheese. Dot cobbler with butter or margarine.
Bake in preheated oven for 45 minutes, until golden.
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