Combine flour, baking powder, cinnamon and salt in small bowl. Set aside.
Cream butter and sugars together in a medium bowl. Add milk, egg and vanilla. Mix until well blended. Add flour mixture and banana; stir until well blended.
Place 2/3 cup batter into preheated waffle maker. Cook 8 to 10 minutes or until done. Remove waffles; keep warm.
Repeat with remaining batter.
Serve waffles with toasted pecans or walnuts and warm caramel sauce.
Caramel Sauce: Combine 1/4 cup caramel topping, and 1 Tbsp. butter in a small microwave safe bowl. Microwave on HIGH 30-60 sec. or until warm.