In a 350 degree oven, melt butter in a 13x9 pan.
In a medium saucepan, combine 2 cups sugar,water, stir while cooking over medim heat, bring to boiling and boil uncovered 5 minutes, then remove from heat and set aside.
In a large bowl, place flour, cut in shortening until pieces are the size of small peas, then make a well in the center and add milk all at once.
Stir until just combined, then knead dough 10-12 strokes or until nearly smooth.
Lightly sprinkle dough with flour, cover with waxed paper and roll dough to 12x10 rectangle about 1/4" thick.
In another large bowl, toss peaches, cinnamon and nutmeg, spoon 3 cups of the peach mixture on top of melted butter in baking dish.
Spoon the remaining 2 cups of peach mix. over dough and roll dough into a spiral, starting from the long side and pinch to seal.
Cut into 12 one inch rolls, arrange rolls, cut side down over the peaches in baking dish.
Carefully pour sugar syrup mix around rolls (this will look like too much liquid, but will absorb during baking.
Bake 45 minute at 350 degrees and cool on a wire rack for 30 minute and serve warm in dishes with vanilla ice cream.