In a large pot, heat water (for tea) until very hot. Steep tea bags for no longer than 5 minutes (or else they may make your tea taste bitter). Pour mixture into a large pitcher and chill tea in refrigerator until completely cooled.

For peach syrup, heat water and sugar in a small saucepan and whisk until sugar is completely dissolved. Add peaches and let them soften for about 5 minutes over heat. Mash them a little bit so they release more of their juices. Let them steep over heat for another 2 minutes. Remove mixture off of heat and cover. Let it steep for 30 minutes letting it come to room temperature also. If it is still hot after 30 minutes, place mixture in the refrigerator until cool.

Add peach syrup to tea and serve over ice. Alternately, you can serve them separate and each person can put as much syrup as they want to control the sweetness.