Over medium heat, combine the chocolate syrup and sweetened condensed milk in a heavy saucepan. Cook, stirring occasionally for about 10-12 minutes or until the mixture is thickened slightly. Make sure to stir frequently so that the mixture doesn't burn on the bottom, and if your stove cooks a little bit hot and the chocolate is bubbling a lot, turn the heat down a little bit.

Remove the chocolate from heat and stir in the vanilla. Serve immediately with all of your favorite dippers (strawberries, raspberries, angel food cake, Rice Krispie treats, bananas, pineapple, etc). Any leftover chocolate can be stored in the refrigerator and can be reheated on the stovetop or in the microwave.