In a mixing bowl, separate the egg yolk and egg white. Place the egg yolk in one bowl and the egg white in another.
To the bowl with the egg yolk, add milk, flour, sugar, baking powder, vanilla extract, and a pinch of salt. Whisk until the mixture is smooth and well combined.
In the second bowl, use an electric mixer or a whisk to beat the egg white until stiff peaks form.
Gently fold the whipped egg white into the egg yolk mixture one-third at a time, mixing just until combined.
Preheat a non-stick skillet or griddle over low heat and lightly grease the surface with butter or cooking spray.
If using ring molds, place them on the skillet and ladle about a quarter cup of the batter into each mold, filling them just below the top.
Cook for about 4-5 minutes on one side, then carefully flip them over (remove the molds if using) and cook for another 4-5 minutes until golden brown and fluffy.
Gently remove the pancakes from the skillet and serve warm with your favorite toppings such as syrup, fruit, or whipped cream.