In a large bowl, toss bread chunks with cinnamon and pour milk and vanilla overtop. Let stand, stirring once or twice, for about 15 minutes, until the bread has absorbed much of the milk.

In a small dish, stir together the eggs and butter or oil and stir into the bread mixture. Stir together the flour, sugar, baking powder and salt and add to the wet ingredients; stir just until combined.

Preheat a heavy skillet and spray with nonstick spray or drizzle with oil. Reduce heat to medium-low. Drop about 1/4 of batter at a time onto the skillet, spreading it out a little with a spatula if it's too thick to do it itself. Cover with a lid and cook for a few minutes, until the bottom is golden and the pancake starts to look dry and bubbly around the edges. Flip, cover and cook until the other side is golden and the pancakes are cooked through. Repeat with remaining batter, keeping pancakes warm in a 250°F oven if you need to.

Serve warm, with sauteed bananas and/or maple syrup.