Heat your waffle iron while preparing the batter.
In a medium size bowl combine the flour, baking powder, salt and light brown sugar. Stir together with a fork to mix.
In a small mixing bowl combine the eggnog, oil and vanilla extract. Separate the eggs adding the yolks to the wet ingredients and putting the whites into another small mixing bowl.
Using a hand mixer beat the eggs until stiff white peaks form. Add the wet ingredients to the dry ingredients. Stir together. Then fold in the egg whites. (this keeps the waffles super fluffy!)
Spray your waffle iron with non stick cooking spray then cook the waffles according to your waffle makers instructions.
In a small saucepan add the light brown sugar and cinnamon. Stir together. Whisk together the water and cornstarch together, then pour into the saucepan. Heat over medium heat stirring occasionally bringing the mixture to a simmer.
Once simmering allow to cook for an additional 2-3 minutes while stirring. This will allow the mixture to thicken. Then remove from heat and add in the butter and vanilla extract. Stir until the butter is melted. Allow the syrup to cool for several minutes prior to using. Can be used warm or cold.