1(10-ounce) jar maraschino cherries, drained, stems removed
1cup granulated sugar
1teaspoon vanilla extract
2cups all-purpose flour, sifted
2teaspoons baking powder
1teaspoon baking soda
3/4cup reduced-fat buttermilk
Place peaches in a bowl; add lemon juice to keep them from turning brown. Add 2 tablespoons granulated sugar and let stand 1 hour.
Preheat oven to 350F.
Melt 2 tablespoons of butter in a 10-inch cast iron skillet. Add brown sugar and remove from heat. Spread sugar and butter mixture evenly over bottom of skillet. Drain liquid off peaches. (You may want to reserve for other recipes). Arrange peaches and cherries in skillet over brown sugar mixture.
In another bowl, combine flour, baking powder, baking soda and salt; whisk to combine.
Combine 1/2 cup butter and 1 cup granulated sugar in a mixing bowl. Beat until light and fluffy. Beat in eggs and vanilla.
Add dry ingredients alternately with buttermilk to butter mixture; mix well.
Spread batter evenly over top of peaches and cherries. Bake 1 hour.
Remove from oven. Place a plate over the skillet. Invert to release cake. Serve warm with whipped cream or peach ice cream.