In a large saucepan, bring the peaches and water to a boil over a medium heat. Reduce the heat to low and simmer, stirring often, until peaches are very tender. In a food processor fitted with the metal blade or a blender, process the fruit mixture in batches until smooth. Return the puree to the saucepan and stir in the sugar, lemon juice, lemon zest, cinnamon, and cloves. Bring to a boil over medium heat, stirring constantly. Reduce the heat to low and simmer, stirring often, until thickened and reduced to about 6 cups, about 30 minutes. Ladle the peach butter into hot, sterilized jars, leaving 1/4 inch of headroom. Wipe the rims clean and put the lids on the jars. Process in a boiling water bath for 10 minutes. Remove the jars from the water and cool completely at room temperature. Makes about 3 pints.
Source: "An Edible Christmas" (A Treasury of Recipes for the Holiday) by Irena Chalmers.