In a medium bowl, whisk together flour, sugar, baking powder, and salt.
Add milk, oil, water, and vanilla extract if using. Stir just until combined; do not overmix.
Heat a lightly oiled skillet or griddle over medium-high heat.
Pour about 1/4 cup of batter for each pancake onto the skillet.
Cook until bubbles form on the surface and the edges look set, then flip and cook the other side until golden brown.
Serve warm with your favorite toppings.