Combine peach and apricot preserves, sweet red chili sauce, lime juice and cilantro in a medium bowl. Place half sweet red chili and peach glaze in a serving bowl.
Spray grill grates with no-stick cooking spray. Heat grill with medium heat. Grill wings about 20 to 25 minutes turning several times until juices run clear. Dip wings in remaining glaze. Grill wings an additional 3 to 5 minutes turning once. Serve warm with additional reserved glaze on the side.