Bring water and sugar to a boil in heavy medium saucepan over medium-high heat, stirring until the sugar dissolves. Boil until syrup thickens slightly, approximately 6 minutes. Add papaya wedges, fresh lime juice,lime peel strips, and cinnamon stick. Reduce heat to medium and simmer until papayas are just tender, about 8 minutes. Using slotted spoon, transfer papayas to bowl. Boil syrup until reduced to 1 cup, ~ 6 minutes. Pour syrup over papayas and chill at least two hours and up to one day. Spoon papayas and syrup into 6 dessert dishes. Drizzle with sour cream, and garnish with lime peels.