Combine all ingredients in a small saucepan over medium high heat and bring to boil, whisking from time to time. Lower the heat and let simmer for 4-5 minutes. Remove from heat and let cool until room temperature.
In a large mixing bowl beat together dulce de leche and cream cheese until smooth.
In another large bowl whip the cream until very thick.
Using a rubber spatula gently fold the whipped cream into the dulce de leche mixture until the mixture becomes uniform.
Pour some of the ice cream mixture into a large loaf pan. Spread some of the peach mixture on top. Optionally sprinkle some grated white chocolate. Continue the process until both products are layered in the pan. Cover tightly with cling film and freeze for at least 6-8 hours before serving.