Beat together oil, granulated sugar, eggs, 2 tsp. vanilla, cinnamon, baking soda and salt with an electric mixer until smooth.
Stir in flour, peaches, and nuts.
Pour into a well-greased and floured bundt pan.
Bake 1 ¼ hours to 1 ½ hours at 350° or until knife or bamboo skewer inserted in center comes out clean.
Cool cake completely.
Using a rubber spatula, carefully ease the cake away from the edges of the bundt pan all the way around.
Invert cake onto a plate.
Bring to a boil the butter, brown sugar and 2 tbsp. vanilla in a medium sauce pan.
Allow the icing to cook about 5 to 10 minutes or until it thickens.
The glaze thickens and hardens as it cooks and cools.
Drizzle several spoonfuls over inverted cake.
Let stand until absorbed.
Spread the remaining glaze over the cake.
Let dry about 15 minutes before cutting or wrapping cake with plastic wrap.