01 - Combine the chosen soda and sugar in a small saucepan. Simmer over medium heat until the mixture has reduced by half and achieved a syrupy consistency, approximately 8–10 minutes. Allow to cool completely.
02 - In a large bowl, whisk together the flour, sugar, baking powder, baking soda, and salt. In a separate bowl, whisk the egg, milk, melted butter, and vanilla extract. Gradually incorporate the wet ingredients into the dry ingredients, mixing just until combined. Avoid overmixing.
03 - Preheat a nonstick skillet over medium heat and lightly grease. Ladle approximately 1/4 cup of batter onto the skillet for each pancake. Cook until small bubbles appear on the surface and the edges begin to set, about 2 minutes. Gently flip the pancake and cook for an additional 1–2 minutes. Repeat this process to create 4 large pancakes. Set aside to cool slightly.
04 - Lay a prepared pancake flat on a serving plate. Distribute a layer of vanilla ice cream down the center of the pancake. Drizzle generously with the cooled soda syrup. Top with a dollop of whipped cream, followed by the halved maraschino cherries, chocolate chips, and optional rainbow sprinkles.
05 - Carefully fold the sides of each pancake over the filling, enclosing it to form a wrap. Serve immediately to enjoy the best texture and temperature contrast.