Preheat your oven to 350°F (175°C). Grease and flour a 9-inch round cake pan.

For the topping: In a small saucepan over medium heat, melt the 1/2 cup of butter. Stir in the brown sugar until smooth. Pour this mixture into the prepared cake pan and spread evenly.

Arrange the drained peach slices in a single layer over the brown sugar mixture in the cake pan. If desired, you can use maraschino cherries or extra peach slices to create decorative patterns.

For the cake batter: In a medium bowl, whisk together the flour, baking powder, and salt. Set aside.

In a large bowl, cream together the softened 1/2 cup butter and granulated sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla extract.

In a small bowl, whisk together the milk and 1/4 cup of reserved peach syrup. Alternately add the dry ingredients and the milk mixture to the butter mixture, beginning and ending with the dry ingredients. Mix until just combined, being careful not to overmix.

Gently spread the cake batter evenly over the peaches in the prepared pan.

Bake for 35-45 minutes, or until a wooden skewer inserted into the center of the cake comes out clean.

Let the cake cool in the pan for 10-15 minutes. Then, carefully invert the cake onto a serving plate. If any peaches stick to the pan, gently place them back onto the cake.

Serve warm or at room temperature, perhaps with a dollop of whipped cream or a scoop of vanilla ice cream.