In a small saucepan on medium heat, add your chopped peaches, sugar, cinnamon, and lemon juice. Cook for about 10 minutes, until peaches get soft.
Beat the heavy cream with the pudding mix until fluffy. Then add in the vanilla and sweetened condensed milk. Continue to whip until combined. Add a splash of milk if needed to thin it out. Let sit in the fridge for about 10 minutes or until thickened.
In a small cup, add some of the pudding then sprinkle on your desired amount of peaches and nilla wafers. Repeat this step 2-4 times, depending on the size of your cup. Top with crushed nilla wafers and/or extra peaches if you have any.
Let set in the fridge for a few hours or overnight, and enjoy!