Trim fat from chops. Sprinkle chops with salt and pepper. Coat a large nonstick skillet with cooking spray, and place over medium-high heat until hot. Add chops to skillet; cook 1 minute on each side. Reduce heat to medium; cook 4 to 6 additional minutes on each side or until done. Remove chops from skillet, and keep warm.
Add peach preserves, mustard, and water to skillet; cook, stirring constantly, 2 minutes. Spoon sauce over chops.