Combine the sugar and water in a large sauce pan over medium-heat. Bring to a boil. Turn heat to medium-low and continue to simmer for 3-5 minutes, stirring frequently.
Turn heat to low and then stir in the butter, 1 Tablespoon at a time. Once the butter has melted and incorporated into the syrup, remove from the heat and stir in the cinnamon and vanilla. Stir until dissolved.
Serve warm over pancakes or waffles. Enjoy!
Store in a covered jar in the refrigerator for up to 1 month.