It works best for us if prepared the caramel after we were done cooking and splitting the waffles, Cook the caramel by heating the water, sugar, butter and corn syrup over medium heat until the sugar dissolved, stirring constantly. Bring the mixture to a boil. Add the cinnamon, salt and vanilla and boil to “soft ball stage” (234 degrees). Remove and allow to cool for 10 minutes or the caramel starts to set a little Spread between the waffles and press together.
I used Caramel ice-cream topping the first time I made the waffles but prefer this recipe.