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Heat butter and milk together in a small pan until butter is melted (about 3 to 5 minutes).
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Cool milk mixture until it is warm to the touch.
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In a separate bowl, whisk flour, sugar, salt and yeast together.
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Gradually add warm milk mixture to flour mixture and whisk until smooth.
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In a separate small bowl, whisk eggs and vanilla; then add to the butter/flour mix.
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Scrape down the sides of the bowl and then refrigerate for 12 to 24 hours.
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When you are ready to make the waffles, preheat the waffle iron.
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Once the iron is hot, remove the waffle mix from the fridge (batter will be doubled in size and foamy).
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Whisk batter until smooth- it will deflate.
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Spoon 1/2 cup onto hot waffle iron and cook until waffles are crisp.
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Serve immediately or keep warm in a low temperature oven.
