In a medium saucepan on high heat, combine 1/2 cup balsamic vinegar and 2 tbsp honey and bring to a boil.
Lower heat to a simmer and cook until the liquid reduces to about half its original volume (about 20 minutes). Stir occasionally. Remove from heat, transfer to a heat proof container and allow to cool completely.
In a salad plate or bowl, toss together pieces of peaches, mozzarella cheese, tomatoes and basil. Drizzle with balsamic reduction and extra virgin olive oil. Season with salt and pepper. Enjoy!