Preheat griddle or skillet to 400° (medium-high). In a small bowl, add water to the pancake mix and stir together. Set aside. I use slightly more mix than the 1:1 ratio called for, as I like my pancakes to be thick, fluffy, and cake like. To achieve this, add enough dry mix to your bowl until batter is thick, like a runny dough.
In a small saucepan on low heat, melt butter and stir in brown sugar, vanilla, and cinnamon. Cook 1-2 minutes until brown sugar is dissolved.
Place sliced banana in single layer in saucepan. Make sure the sauce coats the fruit. Continue to reduce sauce for 3-4 minutes, basting bananas and stirring occasionally. If the sauce is too thick, add water until desired consistency is reached.
While sauce reduces, ladle pancake batter onto griddle, flipping them when small bubbles appear on the surafce.
Once pancakes are done, place on plate and top with banana caramel sauce. Dig in!