In a bowl, combine the flour, sugar, baking powder and salt. Combine the egg yolks, milk and oil; stir into dry ingredients just until moistened. In a small mixing bowl, beat egg whites until stiff peaks form; fold into batter.
Bake in a preheated waffle iron according to manufacturers directions. Meanwhile, for syrup, combine the sugar, corn syrup and water in a saucepan. Bring to a boil over medium heat; cook and stir for 2 minutes or until thickened.
Remove from the heat; stir in the milk, vanilla and cinnamon. Serve with the waffles. Makes 8-10 waffles and about 1 2/3 cups of syrup.