August 2019 update: many of these links are now inactive. Some changes include another company, Spinrite, purchasing the rights to the name. If you are looking for sources of the Elmore Pisgah Peaches & Créme yarn, you may be able to find some available for sale in Ravelry.com’s Stash Search feature, Etsy, and eBay. There are over 1,000 free patterns that use Peaches & Creme yarn on Ravelry.com! It’s free to set up a Ravelry account.
It looks like you can tell the difference between the original yarn and the current yarn by the label. The original Elmore Pisgah/Pisgah Yarn & Dyeing Peaches & Créme label has a white pitcher next to a peach, and was made in the United States of America. The Spinrite Peaches & Créme label has a large picture of a peach on the label and is made in Canada.
I pay attention to the searches that bring people to this blog, and searches for free patterns using Peaches & Creme yarn are piling up! I mentioned it in my post about Craft Shops with Yarn: Honolulu, and that seems to be what brings it up in searches.
The manufacturer (Elmore Pisgah) offers free patterns on their website and spells it "Peaches & Créme" with an accent mark over the first e in Creme, which may or may not help you in additional searches for free patterns. You can buy skeins and cones of Peaches & Creme online at www.peachesandcreme.com.
A review of cotton yarns in the Aug/Sept 2005 issue of Crochet Me includes Peaches & Creme, if you are interested in learning more about the qualities of the yarn and how it compares to other cotton yarns (Lion Brand Lion Cotton, Lily Sugar 'n Cream, Bernat Cottontots, and Classic Elite Sand). The most popular use for Peaches & Creme seems to be dishcloths, and there is a Mason-Dixon KAL for the Mason-Dixon Knitting Book, and at least one KALer has posted a free dishcloth pattern of her own. More free dishcloth patterns (knit and crochet) can be found at the Dishcloth Boutique. Bonnie-Marie Burns of Chic Knits recently posted on her blog about using Peaches & Creme for a sweater pattern that called for Rowan Handknit DK Cotton, quite illustrative of how you need not limit yourself to patterns which call specifically for Peaches & Creme yarn. Websites like Craftown, Crochet Pattern Central, Crochet Memories, and Knitting on the Net all offer loads of free patterns, many of which use worsted weight cotton yarn. My own Crochet Bacon & Eggs handbag (adapted from a knitting pattern originally published in a 1979 issue of Jackie magazine) can be made with any worsted weight yarn as well.
(this post was edited on December 15, 2015, to make updates and corrections)