Spray 4 half-cup ramekins with vegetable spray and set aside.
In a small bowl, combine the water, lemon juice and gelatin Stir to combine and set aside.
In a glass measuring cup, measure out the heavy cream to 3/4 cup.
In a small saucepan, pour about half of the heavy cream (eyeball it --it'll be about 3 ounces) and add the sugar. Heat over medium heat, stirring occasionally until the sugar is dissolved. Remove from heat and whisk in the gelatin mixture, until the gelatin is completely dissolved.
In a small bowl, combine the yogurt and remainder of the heavy cream, schnapps (if using) and whisk. Add the gelatin-cream mixture and whisk until well combined. Ladle the custard into prepared ramekins and refrigerate 2-3 hours or overnight.
In a small bowl combine the honey and peaches and set aside to macerate for 15-20 minutes.
Run a sharp paring knife under hot water, then loosing the panna cotta by running the knife around the rim of the ramekin. Invert the ramekins onto a dessert dish and garnish with honeyed peaches.