Preheat the oven to 350 degrees F (175 degrees C). Drain peaches and reserve the syrup; set aside.
Combine flour, pudding mix, margarine, egg, and milk; beat well. Pour into a greased 8 or 9 inch pie pan. Arrange drained peaches on top of mixture, just to edges.
Cream together softened cream cheese, sugar, and 3 tablespoons reserved peach syrup. Spoon mixture carefully on top of peaches, just to edges. Sprinkle sugar and cinnamon on top.
Bake at 350 degrees F (175 degrees C) for 30 to 35 minutes. Do not over bake.
