Peace on what terms? No way the UK gives in what Hitler will demand. This isn't going to be a delicate diplomatic dance, it'll be Hitler ranting and raving with demands like 'Give us Malta' or whatever.
Even if in the 'best case' it ends up being the 20th century version of the Peace of Amiens.
Have to assume H. has zero interest in 'demanding' anything from the Brits other than drop the blockade... and has no interest in what Mussillini is getting up to in the Med. / Africa
So maybe an offer along the lines of Germany to withdraw from Paris == maybe even agree to withdraw from all of France in exchnage for some sort of 'DMZ' (less Alsac Lorraine of course). In exchange both sides abandon all attempts at blockade, so immediate cease-fire in the Atlantic, withdrwal of U-boats (H. could even offer to stop building U-boats)
Hitler gets a free hand to the East, Britain gets a free hand in the Med (too bad for Mussillini) ... plus some other sweetners eg. Poland becomes a 'protectorate' of Germany (so the deal can be sold to the Britsh public). . IF H. can get the Brits. to drop the blockade or get the Americans to ignore the blockade, then he can get American oil ... Plus there's the Rumanian oil and oil from the Soviets up to the point when H. invades.
We know Hitler has enough resources to fight and loose the BoB AND support Mussillini in North Africa, Yugoslavia and Greece/ Crete then go on to invade USSR in OTL .. so drop all of that and he has more than enough to start on the USSR later ... the later the better because if Stalin invades first H. gets to be the 'victim' rather than the 'aggressor' == so ii's in H. interest to 'provoke' Stalin .. ine the lever could well be Stalin's invasion of Finland (I would bet if H.offered the Fins military support they would keep fighting)