In a mixing bowl, whisk together the flour, baking powder, granulated sugar, and salt until well combined.
In another bowl, combine the milk, egg yolks, and vanilla extract. Whisk until smooth.
Gradually add the wet ingredients to the dry ingredients, stirring gently until just combined. Do not overmix.
In a clean bowl, beat the egg whites with an electric mixer until stiff peaks form. This will take about 3-5 minutes.
Gently fold the beaten egg whites into the pancake batter in three additions, being careful not to deflate the mixture.
Heat a non-stick skillet or griddle over low heat and add a little butter.
Using a ring mold or a large spoon, pour about ¼ cup of batter into the skillet. Cover with a lid and cook for about 4-5 minutes until the bottom is golden brown.
Carefully flip the pancake, cover again, and cook for an additional 4-5 minutes until puffed and cooked through.
Repeat with the remaining batter, adding more butter as needed.
Serve warm, dusted with powdered sugar and drizzled with maple syrup or topped with fruit if desired.