Buttery Milk Syrup

3/4 cup butter
1/2 cup granulated sugar
1/2 cup evaporated milk
1 teaspoon vanilla extract

In a saucepan, combine butter or margarine, evaporated milk, granulated sugar and vanilla extract. Bring to a boil over medium-high heat and continue to cook for 5 minutes. Pour over pancakes and fruit while syrup is still warm.