Preheat waffle iron. If preparing waffles in advance, preheat oven to 200°F. Crumble and cook sausage in medium skillet until browned; drain on paper towels. Whisk flour, sugar and baking powder in large bowl. Whisk eggs and milk in medium bowl until well blended. Pour liquid ingredients over dry ingredients; whisk until just combined. Stir in butter until blended. Stir in peaches and sausage. Lightly butter grids of waffle iron; add 1/2 cup batter to hot iron. Cook waffles according to manufacturer's instructions. Serve immediately or hold in oven until ready to serve.