Pour oil into a saucepan. Using the tip of a small sharp knife, scrape vanilla bean seeds into oil; add vanilla bean pods to pan. Bring oil just to a simmer over medium-low heat. Remove from heat; let cool completely.
Pour oil into a clean jar with a tight fitting lid; cover and chill 24 hours. Discard vanilla bean pods. Store oil in refrigerator up to 1 month. Before each use, let oil stand at room temperature at least 30 minutes.
Note: Here's our favorite recommendation for Vanilla Bean Oil. Lightly drizzle mixed baby greens with the oil; squeeze a lemon half over greens, sprinkle with salt, and gently toss. Add a handful of fresh or dried blueberries and toasted almonds, if desired.