In a medium bowl, whisk together the flour and ½ teaspoon of cinnamon. Set aside.
Add the water, ½ cup of butter, and ¼ cup of sugar to a medium saucepan and bring to a boil. Lower the heat and continue to stir until the butter has melted.
Add the liquid mixture to the flour and cinnamon and stir until the dough is completely incorporated. Allow the dough to rest/cool for 7-10 minutes.
When the dough has cooled slightly, add the vanilla extract and eggs to the dough and use a hand mixer to combine.
Spray your preheated waffle iron with non-stick cooking spray or brush with oil and add the batter. For my waffle maker, I used 3 Tablespoons of batter per waffle. Cook until golden brown.
Melt ½ cup of butter and whisk the remaining 1 ½ tablespoons of cinnamon and 1 ½ cups of sugar together. Dip waffles in the butter, then in the cinnamon sugar. Keep warm in oven or air fryer.