Combine sugar and water in a small skillet. Cook on high heat, stirring constantly, until sugar melts and is golden brown. Remove from heat and stir in almonds.
Pour almond mixture onto a parchment-lined baking sheet and bake at 400 for 1-2 minutes, watching carefully to make sure almonds don't burn.
Combine brown sugar, cinnamon, nutmeg, and peaches in small bowl. Break almonds apart and stir into peach mixture.
Spray muffin pan with nonstick cooking spray. Place 1 teaspoon butter and 1 tablespoon peach mixture in each prepared muffin cup. Unroll crescent dough from package and pinch seams together. Spread remaining peach mixture over dough. Roll up from long side. Cut into 12 pieces and place each spiral into a muffin cup.
Bake at 375 degrees for 12 -15 minutes. Loosen edges; invert pan onto baking sheet. Serve warm.