The night before, in a large mixing bowl, COMBINE activated yeast, flour, sugar and salt; STIR in milk, cooled butter and vanilla (note: the mixture will be very loose).
COVER; let batter SIT at room temperature overnight.
When time to cook, separate the 2 eggs; STIR the yolks into the batter.
BEAT the whites until they hold soft peaks; gently STIR the whites into the batter.
Lightly SPRAY (or BRUSH) waffle iron with oil.
When waffle iron reaches temperature, LADLE 3/4 cup batter onto iron; CLOSE; BAKE until done, about 3 minutes for our iron.
Serve hot with choice of syrups
May use either a spray-on cooking oil, or brush on liquid oil.
Per Serving (excluding unknown items): 558 Calories; 30g Fat (48.8% calories from fat); 14g Protein; 57g Carbohydrate; 2g Dietary Fiber; 185mg Cholesterol; 597mg Sodium. Exchanges: 3 Grain(Starch); 1/2 Lean Meat; 1/2 Non-Fat Milk; 5 1/2 Fat; 0 Other Carbohydrates.