Pare peel from one lemon, then juice it. Thinly slice the other lemon and set aside for garnish.
Combine lemon peel, lemon juice, and all remaining ingredients in large saucepan. Simmer over low heat 10 minutes or until hot. Remove and discard lemon peel, cloves, and cinnamon stick. Carefully pour into heat-proof punch bowl or cups. Garnish with lemon slices.