In a small saucepan, add water and sugar over medium heat. Stir until sugar dissolves and it becomes a clear simple syrup.
Stir in vanilla, molasses, and spices. Reduce heat and simmer, about 3 minutes until slightly thickened. Syrup will be a dark and rich gingerbread color. Cover and store syrup in refrigerator until ready to use.
To make latte: combine 2 ounces of hot coffee or 1 shot of hot espresso with 6 ounces of steamed low-fat milk. Stir in 1-2 tablespoons of gingerbread syrup. Taste and adjust amounts accordingly. Top as desired with freshly whipped cream, a dash of cinnamon and nutmeg, or small pieces of crystalized ginger.