First, make the panna cotta: In a small saucepan add the milk. Sprinkle the gelatin on top and let it sit for 5 minutes.
Turn the heat to medium and cook while stirring until the gelatin dissolves. Do not let the milk boil. This should take about 3-5 minutes.
Add the heavy cream and sugar to the milk and continue cooking while stirring for another 3-5 minutes.
Once the sugar is dissolved, turn off the heat. Stir in the vanilla. Divide the mixture between two serving dishes. I prefer small wine glasses. Chill the mixture for at least 4 hours or overnight.
An hour before serving, make the butter-braised fruit.
Peel, pit, and slice the peach into about 12 slices.
In a small skillet, melt the butter over medium heat. Add the peaches and saute until fragrant and starting to soften, about 4 minutes.
Remove from the heat, and drizzle the honey on top.
Serve the panna cotta with the peaches and basil leaves.