Heat the waffle iron according to the manufacturer’s directions.
Whisk water, oil, egg and vanilla in large bowl. Stir in pancake mix, cocoa and sugar until evenly moistened. Allow to stand 1 minute.
Coat waffle iron with no-stick cooking spray. Pour 1/4 cup batter for each waffle into waffle iron. Bake 4 to 5 minutes or until done. Repeat to make a total of 10 4-inch waffles.
For the syrup:
In 1-quart saucepan, mix all topping ingredients except bananas. Heat to boiling over medium heat, stirring occasionally; remove from heat.
Top waffles with banana slices, followed with caramel syrup, and a dollop of whipped cream.