In a small saucepan, combine cranberries, water, sugar, and vanilla extract. Give it a quick stir and bring to a boil over medium/high heat (watch it or it will boil over). Reduce the heat to medium and cook until the cranberries burst (youâ??ll hear them. Itâ??s so cool), soften, and wrinkle a bit. Remove from heat and allow it to come to room temperature (cranberries and all). Strain the cranberries, pressing down on the solids to extract as much liquid as possible. Discard the cranberries or save for cheesecake topping. Pour into a glass container with a tight-fitting lid.