To a measuring cup or small bowl, add the warm milk, sugar and instant yeast. Allow to stand for about 5 minutes, until the yeast has turned nice and foamy.
To the bowl of a stand-up mixer, with the hook attachment, add the all-purpose flour, cinnamon, vanilla paste or extract, salt, egg and egg yolk. Mix until fully combined. The dough should be kinda shaggy. Place a clean kitchen towel over the bowl and let it rest in a warm place for about 30 minutes. I turned my oven to 200 degrees and placed the bowl on the stove-top burner.
Place the bowl back on the stand-up mixer, and beat in the butter, piece by piece. When the butter is incorporated into the dough, turn the mixer to medium-high and keep mixing until the dough is smooth, scraping down the sides of the bowl as needed.
With the mixer on low, pour in the sugar and mix just until evenly distributed. Using a cookie scoop or a tablespoon, scoop out the dough into dollops of 10 and place them on a cutting board.
Allow to stand in a warm place for an additional 15 minutes.
Meanwhile, let’s prep the milks! In a small measuring cup, combine the milk and sweetened condensed milk and whisk until smooth. Beat the heavy cream until soft peaks form and set both aside.
Preheat your waffle iron and spray with cooking spray. Cook the waffles per the manufacturer’s instructions.
BUT, as a guide, because most of them are the same, I cooked mine for about 2 minutes long. They were perfect at the 2-minute mark.