Combine all ingredients except the vanilla in a small pot and bring to a boil over medium heat.
Once the mixture boils, reduce the heat to medium-low and gently boil for 5-6 minutes, stirring frequently.
Add the vanilla and cook for a few more seconds.
Remove from heat and pour into a container.
Serve on ice cream.
Store in the fridge when not in use. Microwave for 45 seconds to 1 minute to warm up.