In a small saucepan, add the cherries, sugar, water, and vanilla. Bring to a boil, reduce heat, and allow to simmer for 15 minutes until vibrantly colored and slightly thickened. Remove from the stove, let cool slightly, and strain.
Prepare your espresso shot. If you want a hot latte, steam your milk. If you want an iced latte, fill a glass with ice.
Combine 3 tbsp of the cherry vanilla syrup (or more or less to taste), espresso, and milk. If you’re preparing an iced latte, I suggest starting with the syrup, then the milk, then finishing with espresso. If you’re preparing a hot latte, I suggest adding the syrup to the espresso and then pouring the milk. Tip: You can also add the cherry syrup directly to the milk and steam it that way for flavorful and pretty pink milk foam!
Store syrup sealed in the fridge for up to a week, and add as desired to additional lattes and cups of coffee whenever you want!