Preheat waffle iron.
Combine flour, sugar, baking powder and salt in a large bowl.
Beat eggs in medium bowl, then add in the milk, oil and vanilla extract. Whisk together.
Combine the egg mixture and the flour mixture. Mix in the sprinkles.
Pour one cup of batter into one side of waffle maker.
Close and flip the waffle maker. Cook for three minutes or until they are lightly browned.
Serve warm, adding additional sprinkles.
Top with cool whip or whipped cream (optional).