Peach Dutch Baby Pancake With Cherry Compote

Bring honey, lemon peel, lemon juice, and ½ cup water to a boil in a small heavy saucepan. Add cherries and simmer briskly, stirring occasionally, until sauce is syrupy, about 15 minutes. Transfer cherry compote to a medium bowl and chill.

Preheat oven to 425°F. Melt 2 tablespoons butter in a small saucepan; scrape into a blender. Add eggs, flour, milk, 1 tablespoon sugar, vanilla extract, and salt. Blend batter until smooth; set aside in blender.

Heat a 12" cast-iron skillet over medium heat. Add remaining 2 tablespoons butter and remaining 2 tablespoons sugar and cook, stirring constantly, until sugar starts to caramelize, about 2 minutes. Add peaches to skillet; increase heat to medium-high and cook, stirring frequently, until softened, about 2 minutes. Briefly reblend reserved pancake batter. Pour evenly over peaches and transfer to oven.

Bake pancake until puffed and golden brown all over, 17-20 minutes (it will deflate as soon as it's removed from the oven). Dust pancake with powdered sugar and serve immediately, passing cherry compote alongside.

Compote can be made 1 day ahead. Cover and chill. Remove lemon peel just before serving.