Beat together oil, granulated sugar, eggs, 2 tsp. vanilla, cinnamon, baking soda and salt in a large mixing bowl with an electric mixer until smooth.
Stir in flour, peaches, cinnamon chips and nuts.
Pour into 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, 1 tsp. cinnamon and 2 tbsp. vanilla in a small sauce pan.
The glaze thickens and hardens as it cooks and cools.
Working quickly, drizzle spoonfuls of cinnamon icing over inverted cake.
The glaze will harden pretty fast so continue to drizzle icing over cake until all of it is used up.
Let dry about 15 minutes before cutting or wrapping cake with plastic wrap.