Heat a skillet over medium heat; add pears, apples, water, and vanilla extract to the hot skillet. Cover and simmer fruit mixture for 10 minutes; remove lid and cook until most of liquid is evaporated and fruit is softened, 10 to 15 more minutes.

Remove skillet from heat and transfer fruit mixture and any remaining liquid to a food processor. Process until smooth; stir in cinnamon. Serve warm or refrigerate up to 4 days.