Chocolate syrup can be made from unsweetened cocoa powder, a sweetener such as sugar, and water. Recipes may also include other ingredients, such as corn syrup, malt, and flavourings like vanilla extract. Industrial recipes may contain ingredients such as high fructose corn syrup, corn syrup, water, sugar, and cocoa. The process of making chocolate syrup involves whisking together cocoa powder, sugar and salt in a saucepan. Then whisking in cold water until it’s smooth and the lumps are gone. Cook over medium heat, bringing it to a light boil for 3 minutes. Remove from heat and stir in vanilla. Serve warm or cover and refrigerate until serving.