To make the topping, in a pot, on medium heat melt the butter, brown sugar, and water. When it comes to a boil, after about a minute, continue to boil for 1-2 more minutes or until it’s slightly thicker and syrupy. Turn off the heat and stir in the vanilla, cinnamon, bananas, pecans, and bacon. Add a sprinkle of salt to taste.
For the pancakes, mix together the flour, baking powder, sugar, and salt. Beat together the buttermilk, egg, vanilla, and oil and pour into the flour mixture. Add the mashed banana and crumbled bacon, and stir until a thick batter is formed.
Preheat the oven to 200°F and line a baking sheet with parchment paper. Heat a skillet on medium and add a dab of the softened butter to the skillet to grease it. Pour 1/4 cup of the batter into the skillet and cook for a about 2 minutes on one side, until the edges are slightly set and bubbles begin to form in batter. Gently flip the pancake and cook on the other side a couple more minutes or until an inserted toothpick comes out clean. Place cooked pancake in the oven, and continue for the rest of the batter, adding a dab of butter to grease the skillet when necessary.
To serve, stack 3-4 pancakes on each plate and cover with the topping.