1In 1-quart saucepan, heat syrup and 1 slice of the bacon over medium heat 2 to 3 minutes. Remove from heat; set aside to infuse bacon flavor into syrup.
2In blender, place ice cream and milk. Cover; blend on medium speed until combined.
3Remove bacon from syrup; discard bacon. Add syrup to milk mixture; blend on low speed to combine.
4Divide milkshake evenly between 2 glasses. Crumble remaining slice of cooked bacon; sprinkle over tops of milkshakes.