Place the masa, water, cinnamon and piloncillo in a blender. Blend until smooth, about 3 minutes.
Pour the contents of the blender into a sauce pan and bring the mixture to boil over medium heat, stirring constantly. When the mixture reaches a boil, turn the heat to low and continue to whisk for 5 minutes.
Remove the pan from the heat and stir in the vanilla. Pour into mugs and serve hot.