1. Preheat oven to 350°. Bake pecans in a single layer in a shallow pan 10 to 12 minutes or until toasted and fragrant, stirring halfway through. Increase oven temperature to 375°.
2. Pulse flour and next 3 ingredients in a food processor 3 or 4 times until dough forms a small ball and leaves sides of bowl. Divide dough into 8 portions, shaping each portion into a ball. Wrap each ball separately in plastic wrap, and chill 1 to 24 hours.
3. Heat preserves in a small saucepan over medium heat, stirring often, 2 to 3 minutes or until warm.
4. Roll 1 dough ball into an 8-inch circle on a lightly floured surface. Brush dough with 1 to 2 Tbsp. warm preserves. Sprinkle 2 Tbsp. pecans over preserves on dough. Cut circle into 8 wedges, and roll up wedges, starting at wide end, to form a crescent shape. Place, point sides down, on a lightly greased parchment paper-lined baking sheet. Repeat procedure with remaining dough balls, preserves, and pecans.
5. Combine sugar and cinnamon; sprinkle over crescents.
6. Bake at 375° for 15 to 20 minutes or until golden. Remove from baking sheets, and transfer to wire racks. Cool completely (about 20 minutes).
TRY THIS TWIST! Apricot-Almond Rugelach: Substitute apricot preserves for peach preserves and almonds for pecans. Prepare recipe as directed, decreasing toasting time in Step 1 to 8 to 10 minutes.