In a medium size sauce pan, combine the peach nectar, sugar and lime juice. Bring to a boil over high heat and cook until the sugar is dissolved, just 1 or 2 minutes.

Remove from heat, and add in 1 cup basil leaves. Crush and muddle the basil leaves in the mixture to release the flavor. Pour the peach basil mixture into a heat proof container, then refrigerate for at least 2 hours, or up to 4 days. The longer it sits, the more basil flavor there will be.

When ready to serve, strain the peach basil in large pitcher, discarding the used basil leaves. Combine the strained peach basil mixture with the sparkling wine and vodka (if using vodka), then add in 1 sliced lime, 1 sliced peach and 1/2 cup basil leaves. Stir to combine. Serve in a tall glass with ice and garnish with a wedge.