1. Bring first 4 ingredients to a boil in a small saucepan over medium heat; cook 5 minutes, stirring constantly. Remove from heat. Stir in vanilla. Cool slightly.
Note: This recipe makes more syrup than is needed for Coconut French Toast. Store extra syrup in an air-tight container in the refrigerator. Serve syrup over waffles or pancakes, or stir into oatmeal.