Preheat convection oven to 325° F or standard oven to 350° F.
Cream butter and sugar together. Add eggs, milk, coconut, pecans and vanilla wafers and mix well. Spray a standard 12-cup muffin pan with nonstick vegetable spray and fill with batter, dividing batter evenly. Bake in preheated oven for 18 to 20 minutes, or until done. The center of the cakes should be soft (but cooked through) and the tops golden brown. Allow cakes to cool to room temperature, then refrigerate before frosting.
Beat cream cheese and butter together until fluffy. Add sugar and vanilla extract and beat well. Stir in coconut and pecans. Frost chilled muffins.
Simmer rosemary in the port for 1 minute; remove the rosemary and discard. Add peaches, cinnamon, 1 Tbsp of the honey and the peach preserves. Cook until peaches are soft, then add Creole mustard and cream. Place in food processor and lightly pulse, retaining some texture. Adjust sweetness with additional honey, to taste.