1. In a small saucepot, bring the sugar and 1 cup water to a boil. Once the sugar has dissolved, add the cinnamon stick and star anise pod, followed by the peach. Reduce the heat to low and cook for 40 minutes. Remove the pot from the heat and let cool. Refrigerate the syrup until ready to use.
2. In a cocktail shaker, combine the rye whiskey, lemon juice and 1¼ ounces peach syrup. Add ice and shake until chilled. Strain into a chilled flute and top with the sparkling wine. Serve.