Combine water, sugar, 3/4 cup mint, and 2 tablespoons of basil in a medium saucepan. Heat to boiling, reduce heat and simmer 2-3 minutes. Stir in 1 cup peaches, 1/4 cup mint, and 2 tablespoons of basil. Simmer for another 2 minutes. Pour mixture into a Mason jar or other airtight container. Add 1/2 cup bourbon, seal, and shake vigorously for about 1 minute. Refrigerate 2-4 hours or overnight. Fill a pitcher with ice. Add remaining peaches, bourbon, and Ocean Spray® White Cranberry and Peach Juice Drink. Strain the contents of the Mason jar into the pitcher using a cheesecloth or fine strainer. Mix well. Serve in a wine glass, topping each drink with 2 tablespoons of sparkling wine. Garnish with a lemon wheel, sprig of mint, and a cranberry (if in season). For a non-alcoholic drink, omit bourbon and replace sparkling wine with sparkling water.