In a pot on the stove, combine all ingredients over medium/high heat and bring to a boil, stirring often. Note that if you are using vanilla extract instead of vanilla bean paste, add the extract after the syrup has cooled.
Once boiling, bring the heat down a touch and allow to simmer for 5 minutes or until the sugar is dissolved, continuing to stir.
Once the syrup ingredients are fully combined and no sugar remains, remove the pot from heat and allow to cool completely.
Strain the syrup into a jar with a lid and keep refrigerated. I like to keep the cinnamon sticks in the syrup to make the flavor super robust. This syrup can be enjoyed in coffee or cocktails!