In a medium saucepan, mix the cherries, water, and brown sugar over medium-high heat. Stir until it heats up and boils, about 3-4 minutes.

Combine cornstarch with cold water in a small bowl and stir until smooth. Once the cherry mixture boils, pour the cornstarch mixture in while stirring.

Reduce heat to simmer and mash the cherries for 3-4 minutes until desired texture is reached.

Remove from heat and add lemon juice and vanilla extract, stirring to combine.

Let cool slightly, then serve over pancakes or store in an airtight container.