In a medium-sized pot or saucepan, add the water, granulated sugar, packed brown sugar, and cinnamon sticks and bring to a boil.
Once the mixtures comes to a boil, lower the heat and let simmer for 10 minutes. The syrup should start to thicken.
Remove the pot or saucepan from the heat, remove the cinnamon sticks, then add in the vanilla extract and salt, and stir to combine.
Pour the syrup through a strainer into a mason jar or container, making sure all the cinnamon stick bits are removed.
Let the syrup cool on the counter before adding a lid and placing in the fridge. You can store the syrup in an airtight container in the fridge for about 3-4 weeks.